In the News: US Regulates AI; Chinese Financial Super-Regulator Created; and NVIDIA Stops Chinese Chip Shipments

November 02, 2023 | BY

Brian Chan &Krista Lee

Biden's AI executive order lays the foundation for AI export control rules; New Chinese super-financial regulator takes power away from existing state institutions; and U.S. orders immediate halt to some AI chip shipments to China.

The White House in Washington, DC. Credit: Matthew/Adobe Stock

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Biden Issues New Executive Order on AI

U.S. President Joe Biden signed an executive order on artificial intelligence (AI) as the U.S. strives to catch up with other jurisdictions in regulating AI. The executive order seeks to balance the needs of cutting-edge technology companies with national security and consumer rights. Creating an early set of guidelines that could be fortified by legislation in the future is the first step. In Biden's view, the government was late to address the risks of AI. The EU and China started the process earlier than the U.S. AI has the ability to accelerate cancer research, model the impacts of climate change, and improve public services. But it could also distort basic notions of truth with false images and provide a tool to criminals.

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