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Yann LeCun.

Meta Platforms

Yann LeCun says concerns that AI could pose a threat to humanity are “preposterously ridiculous.”
LeCun’s comments countered mounting fears that AI is developing too rapidly.
He was part of a team that won the Turing Award in 2018 for breakthroughs in machine learning.

An AI expert has said concerns that the technology could pose a threat to humanity are “preposterously ridiculous.”

“Will AI take over the world? No, this is a projection of human nature on machines,” Yann LeCun said. He made the comment at a press event in Paris on Tuesday, which was reported on by BBC News.

The so-called AI “godfather” was part of the three-person team with Yoshua Bengio and Geoffrey Hinton that won the Turing Award in 2018 for breakthroughs in machine learning. He is now Meta’s chief AI scientist.

LeCun said at Tuesday’s event there was “no question” that in the future, computers would become more intelligent than humans but that this was years or even potentially decades away, per The BBC.

The recent proliferation of generative AI, which includes chatbots like ChatGPT and Bing and image makers like DALL-E and Midjourney, has led to a heated debate among experts over whether it is developing too quickly. Concerns include AI’s ability to develop bias and to “hallucinate,” as well as its role in the spread of misinformation and deepfake images.

Some tech leaders, scientists, and influential business figures have called for closer global regulation of AI and more focus on ethics. LeCun’s collaborator Bengio, Elon Musk, and Apple cofounder Steve Wozniak were among the signatories of an open letter earlier this year urging a six-month pause on advanced AI development.

Numerous AI experts also signed a statement by the Center for AI Safety last month, which said that “mitigating the risk of extinction from AI should be a global priority alongside other societal-scale risks such as pandemics and nuclear war.”

In a survey of top CEOs by Yale’s Chief Executive Leadership Institute, reported on by CNN, 34% of respondents said that AI could “destroy humanity” in 10 years and 8% said it could even happen within five years. Fifty-eight percent said they didn’t think the potential catastrophe of AI was overstated.

Some figures with influence in the tech world, however, have lauded the many use cases of AI and warned against introducing a moratorium on its development. …read more

Source:: Business Insider

      

China’s central bank moved to support the economy again Thursday amid signs of stalling growth.

Martin Puddy/Getty Images

China’s central bank cut rates on medium-term policy loans Thursday.
The People’s Bank of China is scrambling to support the economy amid signs of stagnant growth.
The PBoC’s latest move comes after it cut short-term interest rates to 1.9% earlier this week.

China’s central bank moved to stimulate the country’s stalling economy again Thursday, cutting another key interest rate amid signs of stagnant growth.

The People’s Bank of China said it would lower borrowing costs on its medium-term loans to financial institutions for the first time in 10 months, slashing the rate from 2.75% to 2.65%.

That move comes after the PBoC also lowered short-term interest rates from 2% to 1.9% Tuesday, marking its first cut since August of last year.

The bank’s latest interventions weren’t unexpected – but they do signal that Beijing is battling to boost its economy as its post-COVID recovery shows signs of fizzling out.

When interest rates fall, it’s cheaper for individuals and companies to borrow money, often fueling a boost in spending and investment that would lift economic growth.

Shortly after the medium-term rate cuts were announced, official economic data showed that growth in China’s industrial output had fallen from 5.6% to 3.5% last month, while retail sales figures came in below economists’ expectations.

Experts remain skeptical that the country will be able to recover from the impact its COVID-era restrictions, which weighed heavily on growth for nearly three years, anytime soon.

In May, Rockefeller International chair Ruchir Sharma called the idea that China will experience a huge rebound a “charade” – while former International Monetary Fund official Desmond Lachman warned its economy could be headed for a “lost decade” last week.

As well as the rate cuts, Beijing is weighing up a package of stimulus measures that it hopes will boost stuttering growth, according to a Bloomberg report published Tuesday that cited people familiar with the matter.

Read more: Markets are sounding alarms on China’s economy, but analysts say Wall Street is missing the big picture

Read the original article on Business Insider

…read more

Source:: Business Insider

      

The market is forcing VCs to rethink the size of their funds and how many investments they do.

mikroman6/Getty Images

Insight Partners and TCV are reportedly scaling back the size of huge venture funds they planned.
The market is forcing VCs to rethink the size of their funds and how many investments they do.
But one VC tells Insider that the current down market is a prime time for investing opportunities. 

The writing was on the wall – was the venture capital industry not paying attention? 

Last year was especially brutal for venture-capital funding to US startups. Funding to startups overall was down 31% from 2021, PitchBook data shows. But what about funding to the firms and funds themselves? 

That number was actually the highest it’s been in 10 years. The amount of money VC firms raised themselves hit $170.8 billion in 2022, according to PitchBook data, up from $158.5 billion in 2021. So no, some VCs probably didn’t see the writing on the wall because the capital kept flowing in last year. 

But it appears the reality of the market overall — high interest rates and longer timelines to get potential investment returns — has set in for limited partners, the backers of those VC funds. There have been signs of this slowdown in recent first-quarter fundraising data. And it’s also evident in two gigantic firms that had lofty fundraising goals but are now scaling back: Insight Partners and TCV.

Last July, Insight had its sights set on another $20 billion flagship fund, Bloomberg reported, after they had just closed on a fund of the same size earlier that year. But now, that fundraising goal is being cut to $15 billion after Insight has only been able to pull in $2 billion, the Financial Times reports, citing a letter the firm sent to its investors. In that letter, Insight said it was seeing a “great reset in tech” and that it would scale back its funding pace. 

TCV, another venture-capital stalwart, is also having tough times. The firm has raised about 50% to 75% less for a $5.5 billion fund it planned for last year, The Information reported. Regulatory filings show that the firm has raised $1.4 billion for the flagship fund thus far, but it’s unclear whether they’re done fundraising. 

Firms react to the market as it changes just as startups do, said one venture capitalist …read more

Source:: Business Insider

      

Cy the Cynic defines the difference between good advice and meddling: He provides good advice; other people meddle.

Cy, today’s North, could have overcalled 1NT at his first turn but doubled instead; he didn’t like his spade holding for notrump. When South “advanced” 1NT, Cy raised to game.

West led the seven of spades: five, ten, queen. South finessed in diamonds through West and cashed four diamonds. West threw hearts. When South led a heart next, West won and led the king of spades. South had only eight tricks, and West won the last four tricks with the ace of clubs and good spades.

OVERTRICK

“A bit of advice,” Cy told his partner. “Let East’s ten of spades win. East must shift, and you have time to force out West’s aces and make the contract.”

“Mind your own business,” South snapped. “If East has a second spade, I go down two.”

Your partner’s dummy play should be none of your concern, but Cy had a point. South’s only chance to make 3NT is to duck the first trick.

DAILY QUESTION

You hold: S K J 8 7 3 2 H A 4 3 D Q 4 C A 5. The dealer, at your right, opens one club. You overcall one spade, and your partner bids two clubs. What do you say?

ANSWER: Partner does not have clubs. His cue bid in opener’s suit suggests spade support and game interest. With a minimum hand and a spade fit, he would raise to two spades; a jump-raise to three spades would be preemptive. Since you have a sixth spade and a sound hand, bid four spades.

West dealer

N-S vulnerable

NORTH

S A 9 5

H K Q 7

D A J 10 9

C Q J 8

WEST

S K J 8 7 3 2

H A 4 3

D Q 4

C A 5

EAST

S 10

H J 6 5 2

D 5 3 2

C 7 6 4 3 2

SOUTH

S Q 6 4

H 10 9 8

D K 8 7 6

C K 10 9

West North East South
1 S Dbl Pass 1 NT
Pass 3 NT All Pass
Opening lead — S 7

©2023 Tribune Content Agency, LLC.

…read more

Source:: The Mercury News