OpenAI recently announced the restoration of its ChatGPT platform following a major outage that occurred the previous day. The outage, which impacted all users on all plans, lasted for several hours but was resolved within the same day. While minor outages are not uncommon, this significant disruption was a rare occurrence for the AI company’s flagship product.
In a report by Tom’s Guide, it was noted that ChatGPT went down for some users for over four hours on Tuesday before coming back online briefly, only to crash again. OpenAI advised users experiencing issues with the service to perform a hard refresh on both desktop and mobile platforms.
Meanwhile, a group of current and former employees from OpenAI and Google DeepMind recently penned a public letter calling for protections against retaliation when raising concerns about the potential risks associated with AI products developed by these companies. The employees expressed concerns about the lack of effective oversight of leading AI firms and emphasized the need for accountability in the industry.
In another development, Treasury Secretary Janet Yellen is expected to address financial institutions about the risks associated with the use of AI in the financial services sector. While AI technologies offer various benefits such as improved forecasting and fraud prevention, they also present new challenges related to model complexity, data biases, and insufficient risk management frameworks.
Yellen, who will deliver a speech at the Financial Stability Oversight Council’s conference on Artificial Intelligence & Financial Stability, will highlight the potential vulnerabilities arising from the rapid evolution of AI in the financial industry. Concentration among vendors, data providers, and cloud services could introduce additional risks, while inadequate or faulty data may lead to biases in financial decision-making processes.
