Guest Speaker: Professor Ariel Ezrachi

Title: Competition and Artificial Intelligence – Blessing or Curse

Abstract: The bursting into centre stage of Generative AI and more broadly, Foundation Models, has captured the imagination of many. These models are trained on vast amounts of data, rely on deep learning to create new content, and can be adapted to execute a wide range of operations. Prominent, among foundation models, are ‘large language models’ and ‘image generation models’ that enable creative text, video, and audio, and as such differ from other technologies used to analyse existing data. Alongside the expected benefits from Generative AI and Foundation Models, concerns have been raised as to the potency, limitations, development, and deployment of the technology. The seminar will explore the effects of Generative AI from the perspective of competition dynamics. Central are fears that the technology could offer its creators an advantage that could be used to distort competition, innovation, and quash future disruption. Its control, by a handful of existing dominant players, may serve to further entrench their power. Related concerns have also been raised with respect to the possible adverse effects new forms of intelligence and creativity, detached from human input, could have on consumer welfare, through distortion of consumers’ perception and autonomy, and the weakening of societal structures and democracy.