Artificial intelligence is often seen as a threat to white-collar workers working in the knowledge sector. But what about the capital markets?
Investors got a taste of what could happen after fake photos of smoke billowing from near the defense headquarters circulated via Elon Musk’s Twitter account.
“There was a brief decline in the markets yesterday after some unconfirmed reports were circulated Twitter about the explosion that took place near the US Pentagon,” wrote Jim Reid, Deutsche Bank’s head of finance and global research, on Tuesday.
“Given the idea that the original image could be AI-generated, it just goes to show the potential impact on markets if AI-driven fake news can drive commodity prices higher.”
A great example of the risks in the payment system to confirm: This article, which posted a picture (which may have been created by AI) of a (false) story about the explosion in the Pentagon, appears at first glance as an official Bloomberg story. food. pic.twitter.com/SThErCln0p
— Andy Campbell (@AndyBCampbell) May 22, 2023
No one knows who actually made the photos or why, but they were released at the same time and at the last minute. chicken game above the debt ceiling plays inside Washington, DC’s Beltway.
This means that investors are already on edge as they try to price the risks that Moody’s opposes. never leave any part of the global economy.
The yield on one-month Treasury bills maturing in June hit a high profile of 5.9% after the bonds demanded higher compensation for the government’s defaults.
Musk’s attempt to destroy fake accounts
Deepfakes have proliferated recently as anyone willing to pay money generative AI platform Midjourney now they can quickly and easily spread fake photos like the Pope sporting a white Balenciaga puffer jacket.
But Monday’s sell-off may be the first time AI has had a visible impact on financial markets.
The news could be harmful to Musk, who wants to portray Twitter as the most accurate source of information in the world by paying customers to verify it.
“The goal is to make this platform a truth-seeker or, to put it another way, a lie compared to anything else,” he wrote in late April.
Musk, who bought the social media company last year $44 billionhas argued that its premium subscription service Twitter Blue serves as a deterrent to bots and fake accounts since then “it adds a lot of value“.
Twitter is supposed to be the most accurate source of information in the world. That is our job.
– Elon Musk (@elonmusk) November 7, 2022
This has not proven to be the case, as many accounts have done well based on people and raceto be angry advertisers in the way.
Critics say it’s an attempt to milk Twitter customers for much-needed revenue since all accounts are already verified. they lost their position like them refused to pay Musk.
Although Monday’s trading was short-lived after the Pentagon confirmed there was no explosion and the tweet was quickly deleted, the would-be bad player had plenty of time to recoup the profits he made by destroying the market — if that was the plan. all the time.
This risk “could be greater in the coming months and years,” Deutsche Bank’s Reid argued on Monday, “especially if technology can provide more convincing images.”