Tech Titans Meet On Capitol Hill To Shape AI Regulation

Tech titans gathered on Capitol Hill this week to focus on artificial intelligence (AI). Elon Musk, Mark Zuckerberg, Bill Gates and Sam Altman were among the more than 20 business leaders meeting with senators behind closed doors.  

Senate Majority Leader Chuck Schumer called the meeting the first bipartisan AI Insight Forum -- part of a series of gatherings to craft AI law. The focus is on shaping how AI is regulated.

Generative AI -- specifically ChatGPT use -- will grow by triple digits this year, according to Insider Intelligence estimates. While growth will slow during the next few years, the forecast projects that the use of GAI will surpass several milestones.



OpenAI’s ChatGPT use in the U.S. is forecast to skyrocket 882%, from 6.3 million in 2022 to 61.5 million in 2023.

Growth will slow to double digits in 2024, but will surpass several milestones beginning this year, with more than 20% of internet users on the platform. By 2025, 25.5% of the U.S. population will use the technology in some way.

Potential regulations have not stopped the dizzying progression of tools and services based on GAI. The use of the technology is estimated to contribute 50% to game development within the next five to 10 years, up from 5% this year, according to a study by global consulting firm Bain & Company released Thursday.

Although generative AI will help make bigger, more immersive, and more personalized experiences a reality, according to Bain & Company, only 20% of executives  participating in the study believe GAI will reduce costs -- which might be a disappointment, per the study, considering the "top-tier games may cost as much as $1 billion to develop."

Another way the technology will skyrocket is with the generation of ad and marketing copy. Adobe announced that its Firefly GAI model is now commercially available across Adobe Creative Cloud, Adobe Express, and Adobe Experience Cloud, and two of the largest marketplaces introduced a version in the past week.

Amazon’s generative artificial intelligence (GAI) tool for its sellers is intended to help them write product descriptions, titles, and listing details. The idea is to make it faster and easier for sellers to list new products as well as improve selling points, but it also was built to potentially find mistakes not identified in the human review process, such as misleading product descriptions.

eBay also recently announced the launch of a generative AI tool that could generate product listings from photos. Available in the eBay app for iOS, with the Android app to follow, the tool automatically writes a title and description based on a photo, as well as information including a product release date, suggested category, subcategory, list price and shipping cost.

Salesforce announced at its annual conference Dreamforce that it has rebuilt its Data Cloud to support GAI, and will begin rolling out the chatbot to some customers by the end of the year.

The focus on building GAI into products and services will become the most sought-after experience this year.

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