By Nomi Prins, Editor, Inside Wall Street with Nomi Prins
Just days before the White House signed its new AI executive order, I was in Washington D.C. for a week of meetings.
I had a blitz of conversations with members of Congress and senior staffers. And the buzz around AI was building into that signing.
What I saw firsthand is that AI is a growing bipartisan trend. And that’s a big deal.
Often, especially in a split or dysfunctional Congress, bipartisan legislation carries the most potential for change.
See, I’ve been visiting Washington for two decades.
During my hundreds of conversations with legislators, I’ve learned that analyzing their actions is key to understanding our country’s focus for the future.
In other words, ignore the media noise about Washington bickering. And focus on what gets done.
And AI on the rise in D.C. means more AI investment money to the private sector.
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A Game Changer for AI
Leaders in D.C. and across the private sector view AI as a diverse matter of national security, cybersecurity, privacy, consumer protections, energy efficiency, the overall economy, and a labor force issue.
These areas matter to voters, so they matter to representatives. Especially as we are heading toward an election year in 2024.
This was also the case during the early days of the internet. What happened in the halls of Congress and executive branches like the Department of Defense then is happening again.
Just like the internet back then, AI today has the potential to impact every single element of our lives. This will have major implications for how companies invest, develop, compete, and grow.
That’s because AI, even at its infant stages, impacts how consumers interact with businesses and how corporations engage with customers.
And the recent White House AI executive order is a game changer for investors, our economy, and the future of technology in our lives.
The White House issued it on October 30. And it’s one of its most disruptive executive orders.
It listed the most sweeping collective set of actions ever taken to protect Americans from the potential risks of AI systems. But that’s only one piece of the puzzle.
Based on conversations I had in Congress, I believe the White House had to underscore the risks of AI. That’s to balance the dangers with the momentum from the private sector looking to incorporate AI into our lives.
And this could be a good thing.
Nobody wants an AI bot digging into all of their sensitive information for business use or a computer presenting itself as a real person to make a sale.
If you’ve ever had an ad on the internet follow you across websites, you’ll likely know the feeling that someone is tracking you.
Just imagine an algorithm and a self-learning computer dedicated to understanding your every move. Scary? Yes. A thing of science fiction coming to life? Likely.
What members of Congress also shared with me is that that they have concerns over AI being implemented so quickly.
The fear is that programmers building AI software will make mistakes. So, AI integrity is going to be a focus.
And it’s not just the fear of being hijacked by cyber-criminals. Among the growing list of concerns are fears that AI, when in the wrong hands, could impact anything from gas stations, fuel prices, Wi-Fi connections, and even our national security.
So, let’s dig into the details of this game-changing AI executive order.
What’s in the Executive Order
First, this executive order was done in a sweeping fashion. This included consultations and agreements with over 20 governments worldwide.
That’s one sign of how serious the White House was about showcasing AI as an urgent national security matter.
We have been talking about this for some time, especially regarding the use of AI in defense and cybersecurity technologies.
The executive order comes as part of the Defense Production Act.
It requires companies developing AI models that could pose national security, national public health, or economic security risks to notify the federal government.
It also requires these companies to share their results and any material details. The order also makes developers of AI systems share their safety test results with the federal government.
Going forward, the National Institute of Standards and Technology will be tasked with establishing standards for safety before any public release of AI systems.
In addition, there were also updates on how government agencies are to respond to AI.
The Department of Homeland Security (DHS) will apply new standards to critical infrastructure sectors and establish an AI Safety and Security Board.
The Department of Energy will also collaborate with the DHS to navigate threats to infrastructure and any chemical, biological, or other types of risks.
Finally, the executive order established an advanced cybersecurity program to develop AI tools to find and fix vulnerabilities in critical software.
This move aims to harness AI’s potentially game-changing cyber capabilities to make software and networks more secure.
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Washington Just Woke Up to the AI Future
In short, the government woke up to the fact that an AI future is upon us. And it wants to be a part of all the related aspects.
Call it big-AI brother. Or call it, as I do, the precedent for a lot more government funds and contracts to flow into AI applications and development.
And this means a boost to established and – more critically – more under-the-radar companies.
See, the reality is this. Washington just set in motion what could be one of the most lucrative moneymaking trends we’ll see over the next 12 to 24 months.
This is why on Tuesday, December 12 at 8 p.m. ET, I’m holding an urgent market briefing called Wall Street and Washington’s Unfair AI Investment Advantage Exposed.
As Brian Baird, a former congressman from Washington who served six terms, said before retiring: “One line in a bill in Congress can be worth millions and millions of dollars.”
And that’s exactly the kind of opportunity ahead of us now. At my market briefing, I will show you an area of AI primed for explosive growth.
It’s part of a rising AI trend that’s being fast-tracked by the White House, the FDA, and Silicon Valley. A year from now, everyone will be wishing they took action.
So, mark your calendar for Tuesday, December 12. And I’ll see you then.
Regards,
Nomi Prins
Editor, Inside Wall Street with Nomi Prins
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What effects do you think the rise of AI will have on the way we live our everyday lives? Will you be joining Nomi as she explains the rising AI trend? Write us at feedback@rogueeconomics.com.
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