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In a historic and candid Senate hearing, OpenAI CEO Sam Altman, Professor Gary Marcus, and IBM's Christina Montgomery discussed the regulatory landscape of AI in the US. The discussion was particularly interesting due to its timing, as it followed the recent release of the EU's proposed AI Act, which could potentially ban American companies like OpenAI and Google from providing API access to generative AI models and impose massive fines for non-compliance.

The speakers openly addressed potential risks of AI technology and emphasized the need for precision regulation. This was a unique approach, as historically, US companies have tried their hardest to avoid regulation. The hearing not only showcased the willingness of industry leaders to engage in discussions on regulation but also demonstrated the need for a balanced approach to avoid stifling innovation.

The EU AI Act, scheduled to come into power in 2026, is still just a proposal, but it has already raised concerns about its impact on the American tech ecosystem and potential conflicts between US and EU laws. With extraterritorial jurisdiction and provisions targeting open-source developers and software distributors like GitHub, the Act could create more problems than it solves by encouraging unsafe AI practices and limiting access to advanced AI technologies.

One core issue with the Act is the designation of foundation models in the highest risk category, primarily due to their open-ended nature. A significant risk theme revolves around users creating harmful content and determining who should be held accountable – the users or the platforms. The Senate hearing served as an essential platform to discuss these pressing concerns and work towards a regulatory framework that promotes both safety and innovation in AI.

00:00 Show

01:35 Legals

03:44 Intro

10:33 Altman intro

14:16 Christina Montgomery

18:20 Gary Marcus

23:15 Jobs

26:01 Scorecards

28:08 Harmful content

29:47 Startups

31:35 What meets the definition of harmful?

32:08 Moratorium

36:11 Social Media

46:17 Gary's take on BingGPT and pivot into policy

48:05 Democratisation

AI Senate Hearing - Executive Summary (Sam Altman, Gary Marcus)

Machine Learning Street Talk (MLST)