UK to review AI models for competition, consumer protection implications

The UK's Competition and Markets Authority (CMA) on May 4 announced that it is launching a review into the development and use of artificial intelligence (AI) models to understand the competition and consumer protection implications. CMA will specifically look into AI foundation models, which include large language models and generative AI technologies that power services like ChatGPT, Google Bard, and Microsoft Bing. The regulator is acting on the instructions of the UK government, which in March published a white paper on AI and asked all regulators to issue guidance to help develop AI in a safe, transparent, fair, and accountable manner. CMA is seeking views from stakeholders by 2 June (email) and will publish a report with its findings in September 2023. Why does this matter: Along with the rapid growth of generative AI services, there has also been an increase in concerns about the harms posed by AI. Consequently, governments around the world are trying to get an early grip on the fast-growing AI industry. The US, for example, held talks with CEOs of top AI companies and outlined measures to promote responsible AI innovation on the same day as CMA made its announcement. The EU is also in the process of finalizing rules for AI. These steps suggest that, unlike Web 2.0, AI might be regulated from early on. "It’s a technology developing at speed and has the potential to transform the way businesses compete as well as drive substantial economic growth. It’s crucial that the potential benefits of…