Rivals Elon Musk and Mark Zuckerberg set to appear in DC to discuss a shared interest: AI
Rivals Elon Musk and Mark Zuckerberg are expected to attend the same closed-door meeting in Washington on Wednesday to discuss a subject of interest to both executives: artificial intelligence.
The CEOs of Tesla (TSLA) and Meta (META) are among a host of tech executives invited to an event organized by Senate Majority Leader Chuck Schumer, alongside figures from the worlds of civil rights, defense, labor, and the arts.
AI regulation has been very much on Washington’s radar since the tech had its “iPhone moment” in 2022, after the release of Open AI’s ChatGPT.
Congress has held an array of hearings on the matter — from a high-profile questioning of OpenAI CEO Sam Altman in May to no less than three additional hearings happening this week in addition to Schumer’s "AI Insight Forum."
But the way forward on AI regulation remains far from fully formed even as senators begin putting forward proposals.
Experts say the final product could end up going in a few different directions in the months ahead.
Mark MacCarthy of the Center for Technology Innovation at the Brookings Institution told Yahoo Finance that Wednesday’s gathering could end up being remembered as a moment that helps nudge Congress closer to action — which could come as soon as next year.
But he noted that the focus could end up being elsewhere, such as on Zuckerberg and Musk, who discussed a fight over the summer.
"It would be a wasted opportunity if they just allowed it to degenerate into pure theater," MacCarthy said.
Also reportedly set to be in attendance Wednesday are other well-known tech figures from Altman and Alphabet (GOOG, GOOGL) CEO Sundar Pichai to Microsoft (MSFT) CEO Satya Nadella and former Microsoft CEO Bill Gates.
What the business world wants
From the perspective of technology companies, the hope appears to be that this week’s meeting can at least help set a common dialogue — and perhaps head off the more aggressive options currently on the table.
"I expect the closed-door meeting format to be beneficial as there will likely be less grandstanding and more of a chance for real conversations," said Martin Markiewicz, CEO and co-founder of Silent Eight, a company at the intersection of AI and financial crime.
"Hopefully leaders can agree what AI is, the risks and flaws associated with it, what the general regulatory principles may be, and who they are designed to protect," he added in a conversation this week.
In public comments, business leaders have often stressed that they’re open to regulation, with Altman telling lawmakers in May: “We believe it is essential to develop regulations that incentivize AI safety while ensuring that people are able to access the technology’s many benefits.”
But it remains to be seen what the leaders will actually be receptive to when it gets down to specific details.
“They keep talking about wanting to be regulated,” Sarah Kreps, director of Cornell University’s Tech Policy Institute, said of the CEOs. Kreps said that their “actions are speaking louder than their words and the actions are showing that they're investing billions of dollars trying to make the most advancements the fastest.”
In the end, Schumer and others are considering a range of options. They range from a broad and aggressive approach that regulates AI as a standalone entity — with some even pushing a ‘Department of AI’ — to more piecemeal approaches that put the onus on existing agencies to handle different aspects of the technology.
Washington’s challenge in keeping up with AI
Leading figures from Schumer to President Biden have yet to draw proverbial lines in the sand about what they want in the years ahead on AI regulation, but experts like MacCarthy say a push is coming, perhaps sooner than many think.
"I think the companies and the policymakers are in accord on the idea that we made a mistake with the internet, we let it go on for too long without any kind of regulatory structure," he said.
While he doesn’t see Congress being able to seriously debate its AI plans until 2024 — with plenty of more pressing things on Congress’s agenda at the moment — the meeting this week could be a moment when lawmakers could shape the parameters of the possible debate next year.
Schumer said he wants forums like Wednesday’s gathering to “provide the nutrient agar” for the rest of Congress to draft legislation in the months ahead.
I'm hopeful that the bipartisan, diverse, and balanced AI Insight Forums that begin this week will supercharge the work already happening in the Senate, by bringing in outside voices to give their insights, their expertise, and their perspectives on how Congress can best proceed.
— Chuck Schumer (@SenSchumer) September 11, 2023
"In terms of progress, I think the best we can hope for is a common sense foundation for future and meaningful negotiations around AI," Markiewicz added.
Ben Werschkul is Washington correspondent for Yahoo Finance. Allie Garfinkle is a Senior Tech Reporter at Yahoo Finance.
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