From ChatGPT to Microsoft’s AI powered search engine, we bring you a collation of key updates for February 2023.
Do Lawyers trust ChatGPT at all?
ChatGPT has been the talk of the town for the last few weeks, and there is a lot of conjecture about whether or not it is fit to be used for business requirements. While the advantages of using an AI-powered chatbot are plentiful, there is a specific need for governing policies around its usage.
As per a recent poll by Lawyers Weekly, only 7% of lawyers can trust ChatGPT; however, about 57% responded as they do not trust AI tools to perform legal functions. Indeed, one cannot ignore the risks associated with using ChatGPT in corporate settings.
While it has already caused schools and universities to in raising concerns, it is also seemingly risky to be used without any policies set in place at workplaces. The potential leak of confidential data or the probability of providing incorrect information can be risky when used in a business.
Australia’s inflation driven by company profits and not wages
As per an analysis by the Australia Institute, the company profits drive inflation, not wages.
Research from the Australia Institute’s Centre for Future Work found that businesses hiked prices last year, therefore crossing the reserve bank’s target band. The thinktank has released evidence of what it calls a “profit price spiral”, arguing big business earnings account for 69% of the inflation that is above the reserve bank’s target range of 2-3%.
Jim Stanford, from the Australia Institute’s Centre for Future Work, suggests that the RBA and government should focus on company profits rather than wages. “ABS data shows that without excess price hikes through the pandemic, inflation would likely be within the RBA target band, and hence there would be no need for the nine extreme, back-to-back interest rate rises that are crushing households and mortgage holders, fuelling the cost of living crisis,” Jim said.
Meta to issue verified badges
Following in the footsteps of Twitter, Meta is rolling out a subscription model for Facebook and Instagram users to gain verified offerings at a charged fee.
The verified accounts will get premium features and verified badges on these social media websites. One significant reason to make this offering is to protect the users from impersonators or to lose their accounts.
Meta wrote in its blog, “Some of the top requests we get from creators are for broader access to verification and account support, in addition to more features to increase visibility and reach.”
Microsoft launches an AI powered search engine
Microsoft has launched a newer version of the Bing search engine powered by AI. The newly launched Edge browser uses a GPT–3 technology to give human-like responses.
“AI will fundamentally change every software category, starting with the largest category of all – search,” said Satya Nadella, Chairman and CEO of Microsoft. “Today, we’re launching Bing and Edge powered by AI copilot and chat to help people get more from search and the web.”
Microsoft claims this will give users a unified experience of searching, browsing and chatting.
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