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00:00The governor of California in the United States, Gavin Newsom, recently vetoed a controversial
00:07bill that would have brought in some pretty stringent regulation as far as the AI tech
00:12industry is concerned. And it would have particularly affected big tech companies in America. Justifying
00:19why he vetoed this bill, Gavin Newsom said that essentially it would end up stifling
00:24innovation and it could take away business from the state of California, where most of
00:29these tech companies are based. But he also said that safety protocols are important and
00:34need to be put in place. Now, what his action has actually done has once again put that
00:39spotlight on AI regulation all over the world and how it needs to be done. And while there
00:44is no doubt that innovation cannot be stifled, that AI is something that is still emerging,
00:50we're still understanding how it can be used, misused. It's still an evolving technology.
00:55At the same time, the risks and dangers that it poses are there for many of us to see.
01:01We may not know exactly what those dangers are in terms of the potential escalation that
01:07they pose, the magnitude that they pose, but we can already see signs of it, whether it's
01:11through deep fakes and misinformation, etc. Therefore, regulation is going to be important.
01:17And while the California legislation was not perfect and it did have gaps, it certainly
01:22was an important first step in looking at regulation in this rather emerging and in
01:29a way scary industry. How governments can find that balance between allowing innovation
01:36to go ahead and at the same time ensuring that the harmful effects of AI are stopped.
01:43That is the real challenge really for governments all over the world. And when you have big
01:48tech companies in particular who are driven only by profit, that should also set off alarm
01:54bells that regulations and some kind of rules need to be in place. And with a technology
02:00like this, they need to be in place quickly.