The Daily Money: Experts warn that artificial intelligence could cause human extinction
Happy Tuesday, Daily Money readers. Hope you all were able to enjoy a relaxing three-day weekend.
Let’s hop back into the workweek by breaking down the latest in artificial intelligence news.
Scientists and tech industry leaders on Tuesday issued a new warning that AI could one day cause human extinction.
"Mitigating the risk of extinction from AI should be a global priority alongside other societal-scale risks such as pandemics and nuclear war," said the statement signed by hundreds of leaders in the space, including Sam Altman, CEO of ChatGPT maker OpenAI, and Geoffrey Hinton, a computer scientist known as the godfather of artificial intelligence.
Meanwhile, more companies are starting to turn to AI as a way to improve their offerings.
Adobe has started to add AI tools to photo editing software Photoshop. And Nvidia, a chipmaker that makes graphics processing units that help power generative AI platforms, has seen its stock price soar as more companies look to expand their AI offerings.
State Farm will no longer insure new homes in California
State Farm says it will no longer provide home insurance to new California customers, citing an increase in construction costs and wildfire risks.
State Farm said it will continue working with the California Department of Insurance and lawmakers to build up market capacity in the state but said it’s “necessary to take these actions now to improve the company’s financial strength.”
The largest fire in California last year, the Mosquito Fire, covered over 100 square miles and put over 9,200 structures at risk. The fire destroyed more than 70 structures.
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🚨 Recall Alert 🚨
The U.S. National Highway Traffic Safety Administration issued multiple recalls last week, including more than 175,000 Ford Broncos for seat belt issues and more than 89,000 Jeep Cherokees for steering column concerns.
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Each weekday, The Daily Money delivers the best consumer news from Paste BN. We break down financial news and provide the TLDR version: how decisions by the Federal Reserve, government and companies impact you.