OpenAI's Chilling Warning: Could AGI Render Money Obsolete?

OpenAI, the creator of ChatGPT, has issued a chilling warning to investors, suggesting that Artificial General Intelligence (AGI) could render money obsolete in a future where machines rival human intelligence. The company’s website cautions, “It may be difficult to know what role money will play in a post-AGI world,” highlighting the high-risk nature of investing in OpenAI, where investors could lose their capital without returns. This statement comes amidst OpenAI CEO Sam Altman’s acknowledgment of an AI investment bubble, noting, “When bubbles happen, smart people get overexcited about a kernel of truth.” Altman believes AI is both overhyped by investors and one of the most transformative developments in recent history.

The financial stakes are high, with SoftBank reportedly leading a new funding round for OpenAI at a $300 billion valuation, while current and former employees are selling $6 billion in stock at a $500 billion valuation, according to Business Insider. Unlike task-specific AI, AGI aims to achieve human-like intelligence, capable of learning and applying knowledge across diverse domains. This leap in capability raises profound implications for society.

The United Nations Council of Presidents of the General Assembly (UNCPGA) emphasized the need for global coordination to address AGI’s potential dangers in a recent report. While AGI could drive breakthroughs in public health and transform industries, it also poses risks of autonomous harmful actions, advanced weapon systems, and vulnerabilities in critical infrastructure. The report stressed that mitigating these risks is essential to harnessing AGI’s benefits. Google DeepMind CEO Demis Hassabis has predicted AGI’s emergence within the next five to ten years, advocating for a UN-like organization to oversee its development.

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As the race to AGI intensifies, OpenAI’s warning underscores the uncertainty of a future where traditional economic systems may no longer hold. The prospect of AGI challenges investors, policymakers, and society to prepare for a paradigm shift that could redefine the role of money itself.

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