The UK competition watchdog has issued a warning about the potential negative consequences of the artificial intelligence (AI) boom. In a report, the Competition and Markets Authority (CMA) highlighted concerns that the rapid growth of AI could lead to increased market concentration and reduced competition.
The CMA expressed worries that a few dominant tech giants could control and exploit the vast amounts of data required to train AI systems. This could create barriers to entry for smaller companies and stifle innovation. The watchdog emphasized the need for effective regulation to ensure fair competition and prevent the abuse of market power.
The report also highlighted the potential risks associated with biased AI algorithms. If AI systems are trained on biased data, they may perpetuate and amplify existing inequalities and discrimination. The CMA called for transparency and accountability in AI decision-making processes to address these concerns.
Furthermore, the watchdog raised concerns about the impact of AI on the job market. While AI has the potential to boost productivity and create new jobs, it could also lead to job displacement