OpenAI, a research and deployment company focusing on AI technology, has received warnings from the Japanese privacy watchdog to reduce the collection of personal data. This directive follows OpenAI’s pause in Italy due to privacy restrictions set for its chatbot, ChatGPT. The firm has also faced regulatory hurdles with European Union regulations, which prompted co-founder Sam Altman to consider exiting the EU market. Meanwhile, Rajiv Jain, the founder of GQG Partners, believes AI will create more losers than winners for stock market investments, though his firm has invested $2.3 billion in Nvidia shares.
OpenAI has encountered problems with data privacy regulations, prompting the Japanese Personal Information Protection Commission to warn OpenAI about its data collection practices. Similarly, Italy had imposed restrictions on the ChatGPT operations for over a month. Additionally, OpenAI considered withdrawing from the European Union’s market due to regulatory challenges related to the EU AI act. Despite these hurdles, OpenAI remains an influential company in AI technology.
Rajiv Jain, the founder of asset management firm GQG Partners, is skeptical about the stock market rally due to AI hype. He believes investing in AI will create more losers than winners. Jain predicts that only a few companies will sustain the stock market in 2023, even though his firm purchased Nvidia shares worth $2.3 billion in the first quarter. Despite Jain’s skepticism, AI-based companies like OpenAI continue to lead the industry.
