1. Summarise the article in 2 sentences.
Google's new AI bot, Bard, provided an inaccurate answer when asked about the James Webb Space Telescope, causing shares in parent company Alphabet to fall over 7% and wiping $100bn off the firm's market value. Additionally, investors were disappointed by Google's presentation on its AI deployment plans.
2. Can you think of any other companies that have been trying to catch up with ChatGPT?
Microsoft-backed OpenAI has released ChatGPT software, which has become a viral hit for its ability to pass business school exams, compose song lyrics, and answer other questions. Microsoft has also recently announced that a new version of its Bing search engine would use ChatGPT technology in an even more advanced form. Magic Circle firm Allen & Overy has released its AI version, 'Harvey'.
3. What could be the advantages and disadvantages of ChatGPT?
The advantages of ChatGPT are its ability to process vast amounts of data, provide quick and accurate responses, and automate many tasks. It could be used to improve customer service, diagnose medical conditions, and even create content. However, there are concerns about the accuracy and bias of the responses generated by AI models like ChatGPT and ethical issues surrounding privacy, security, and job displacement.
4. From a legal standpoint, what practice areas might be affected by this trend? How might law firms be able to advise clients in light of this trend?
From a legal standpoint, areas that could be affected by this trend include intellectual property, data privacy, cybersecurity, and liability. Law firms may need to advise clients on issues such as protecting their IP rights in AI-generated content, complying with data protection regulations, mitigating risks of cyberattacks, and determining liability in cases where AI systems cause harm. Additionally, lawyers may need to help clients navigate legal and regulatory frameworks around AI, such as those related to ethics, transparency, and accountability.
