Today in AI: AI Stocks supercharge tech-bull market, Govt to regulate AI and more

AI stocks supercharge a tech bull market—and maybe a bubble A serious rally has—somehow—erupted in US technology stocks thanks almost solely to investor ardor for artificial intelligence. More than $4 trillion has been added to the value of companies in the Nasdaq-100 Index since the start of the year—a particularly fast conjuring of wealth, even by the standards of the pandemic-era frenzy.

• More than $4 trillion has been added to the value of companies in the Nasdaq-100 Index since the start of the year—a particularly fast conjuring of wealth, even by the standards of the pandemic-era frenzy.


• The market for generative AI itself could expand more than 40%, to $1.3 trillion, by 2032, according to Bloomberg Intelligence.


• Capital spending on AI is likely to go well beyond the traditional tech industry. Jennifer Chang, a portfolio manager at Schafer Cullen Capital Management Inc., says health-care and pharmaceutical companies are talking about using the tech to reduce research timelines.

Govt will regulate AI, other tech from potential harm to users: MoS IT Allaying fear of job loss from the development of AI, the minister said there will be no threat to jobs from artificial intelligence in the next few years, but it may happen after 5-7 years.

• Rajeev Chandrasekhar, the Minister of State for Electronics and IT, announced that the government will enforce regulations on technologies like artificial intelligence, taking into account the potential harm they can cause to users.


• The minister said that under the Congress-led UPA regime, section 79 was introduced under the IT Act, which gave a free run to big tech platforms, but the current regime has brought in rules to make big tech companies accountable.

ChatGPT can help Indian IT companies take more projects and increase employment: CEA Anantha Nageswaran If these sources of AI increase productivity of workers, and a company can do with assigning less number of people to a project, it also means they can take on far more projects than earlier. It can be a win-win proposition provided we are able to upskill our people to take advantage of these new tools, interventions and innovations.

• Sources of artificial intelligence like ChatGPT can prove beneficial to a developing country like India with an increase in the capacity of IT companies enabling them to take on more projects and increase employment, India’s chief economic advisor V Anantha Nageswaran said.


• Given that India is climbing from lower middle income to middle income, ChatGPT opens up capacity and potential for our IT-enabled enterprises to take up more projects. But at a later stage, it can impact some sectors and job creation. It is a multi-pronged approach India will need to limit its negative impacts, the chief economic advisor said.