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MIT Study Uncovers the Power of Priming in AI User Interactions

Also: More than 40% of labor force to be affected by AI in 3 years, Morgan Stanley forecasts

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AI KATANA
October 03, 2023

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In today's AI news: A joint MIT and Arizona State University study emphasizes the significant role of priming in shaping user perceptions of AI chatbots. Morgan Stanley forecasts a profound influence of AI on the labor force, with an anticipated $4.1 trillion economic impact in the next three years. Southeast Asian governments are leveraging AI to enhance data-driven initiatives, while inflows into AI-centric ETFs face challenges due to rising U.S. interest rates. Getty Images has launched a novel AI-powered image generator in collaboration with Nvidia. Lastly, Visa has earmarked a whopping $100 million for investments in generative AI enterprises.

Sliced:

  • 🤖 MIT Study Uncovers the Power of Priming in AI User Interactions

  • 😱 More than 40% of labor force to be affected by AI in 3 years, Morgan Stanley forecasts

  • 👩🏻‍💻AI is breathing new life into data-driven government

  • 💰 Flows into AI funds wane as US rate worries weigh

The study by MIT and Arizona State University reveals that priming users about an AI chatbot's motives significantly impacts their interaction and perception of it. For instance, users who were told the chatbot was empathetic interacted positively, reflecting a feedback loop between users' mental models and the AI's responses. This underscores the importance of understanding how AI is presented to society as it influences users' mental models and interactions with AI, shedding light on the potential for misleading priming statements regarding AI's motives or capabilities.

Morgan Stanley predicts that in the coming three years, artificial intelligence (AI) will impact approximately 44% of the labor market, translating to a $4.1 trillion economic effect, a significant increase from the current $2.1 trillion impact on 25% of labor. Analyst Brian Nowak attributes this surge to generative AI, which will automate more business processes and benefit from declining input costs, thus boosting software production. This growth in AI is also reflected in the positive performance of AI-related stocks in 2023. Furthermore, software companies are anticipated to capitalize on this trend, potentially gaining 5% of the $4.1 trillion labor effect, approximating a market opportunity of $205 billion. If enterprise adoption of generative AI reaches 20% in the same period, it could represent a $150 billion global enterprise expenditure opportunity.

The article discusses how AI is enhancing data-driven government initiatives in Southeast Asia by speeding up decision-making, advancing predictive analytics, and improving customer service through generative AI tools like chatbots. It emphasizes the transformative role of AI in optimizing service delivery, resource allocation, and policy-making aligned with citizen needs. Moreover, it addresses challenges like data availability, scalability, skill shortages, and change management, while also mentioning several AI and data analytics tools that can assist government agencies in these endeavors.

Inflows into AI-focused exchange-traded funds (ETFs) have diminished following a robust early 2023 performance, due to concerns over high U.S. interest rates negatively affecting company valuations. After an initial spike attributed to the release of Chat GPT-4, taking AI and robotics ETFs to over $1.9 billion in the first three quarters, recent data indicates decreased investment enthusiasm. Factors include Treasury yields reaching 16-year highs, which have tempered investor risk appetite, and a general cooling in retail interest toward AI. Despite some profit-taking in the sector, significant growth in stocks like Nvidia has kept certain funds up, with experts suggesting that the downturn might offer investment opportunities and a potential positive sentiment reversal in Q4.

🛠️ AI tools updates

Getty Images launched a generative AI tool, in partnership with Nvidia, that transforms text prompts into images. Touted as "commercially safer," this tool offers a standard royalty-free license to users, covering copyright lawsuit indemnifications. The AI, trained on Getty's extensive library, incorporates safeguards against misuse like disinformation or style replication of living artists. It's part of a broader move towards ethical, commercially viable generative AI solutions, with revenue-sharing plans for contributors whose work helped train the AI.

💵 Venture Capital updates

Visa has pledged $100 million towards backing firms focused on generative AI technologies, aimed at advancing the realms of commerce and payments. These investments, channeled through Visa Ventures, align with Visa's historical engagement with AI since 1993. The initiative is flexible regarding the number of investments and the fund amounts, targeting companies applying generative AI to real-world issues in commerce, payments, and fintech, with a strong emphasis on responsible AI use in line with Visa's policies.

🫡 Meme of the day

⭐️ Generative AI image of the day