Elon, Deregulation, & AI in Government

1/ Elon in PA: AI and Truth Seeking

Elon Musk made waves in Philadelphia, discussing hot topics like the election, Trump, and the future of technology. His focus on AI was particularly interesting. Musk emphasized that AI can play a key role in ensuring vote integrity, but it needs to be truth-seeking at its core. He also warned that if AI becomes biased or woke, it could have far-reaching, negative consequences for society.

Musk also made it clear that for AI, Starship launches, and technological progress to reach their full potential, deregulation is essential. He believes excessive control will stifle innovation, preventing AI from contributing to society’s prosperity in meaningful ways. And he’s right!

2/ SandboxAQ Eyes $5 Billion Valuation

SandboxAQ, a Google spin-off, is looking for a $5 billion valuation as it pushes the boundaries of AI and cybersecurity. Unlike many AI companies focusing on natural language processing, SandboxAQ is working with large numerical datasets, including quantum algorithms. This unique approach sets them apart in the AI landscape and highlights the growing intersection of AI with more complex fields like cybersecurity and quantum computing.

3/ AI in Fraud Detection

AI is proving its worth in financial crime detection. The US Treasury Department has reported that AI systems have helped uncover $4 billion- $4 billion (with a b)- in check fraud this year alone.

Expanding risk-based screening has led to the prevention of $500 million in fraud, while AI-driven identification and prioritization of high-risk transactions have helped prevent an additional $2.5 billion. Machine learning AI has also expedited the detection of Treasury check fraud, resulting in the recovery of $1 billion.

AI is becoming a powerful tool in identifying and preventing fraud, further demonstrating its growing role in safeguarding financial systems.