American companies traditionally describe various risks in quarterly and annual reports on standard forms, and a new study has shown that many of them see these as the most risks in the rapid development of artificial intelligence. Of the 500 largest US companies, more than half believe that artificial intelligence poses threats to their business.
Image source: NVIDIA
This became known based on the results of a study by Arize AI, cited by the Financial Times. Back in 2022, the share of American companies who feared the consequences of AI development did not exceed 9%, but based on the results of recent reports, it increased to 56%, as the authors of the study note. Out of 500 companies, only 108 specifically discussed generative AI in their reports, and only 33 of them saw this technology as an opportunity to develop their business. At the same time, two-thirds of companies from this group classified generative AI as a risk.
Companies offer a variety of interpretations of the risks associated with artificial intelligence. Some fear that the use of these technologies by competitors will cause the company to worsen its market position. For some, potential ethical claims or disputes regarding intellectual property and information security arising from the collection of data by artificial intelligence systems are important.
Some industries show greater concern about AI adoption than others. For example, more than 90% of the largest media and entertainment companies in the United States considered the rapid spread of AI to be a risk for their business this year; in the software and high technology segment, the share reached 86%. In telecommunications, about two-thirds of Fortune 500 companies are so suspicious, and in healthcare, financial services, retail, and aerospace, the figure is over 50%. Many market participants are afraid of legal claims related to the consequences of using AI. Others find the financial costs associated with implementing such technologies too high and unpredictable. Risks associated with the uncontrolled use of personal data are mentioned by pharmaceutical companies and representatives of the healthcare sector. The latter, however, see the introduction of AI as a chance to improve the diagnosis of diseases. Representatives of media platforms are concerned about copyright, which is quite expected.