Chinese hedge fund managers are racing to incorporate ChatGPT-style AI into their business strategies because, as one tells Reuters, “it can draw conclusions from a complicated network of relationships with numerous dimensions in ways human brains cannot”. Yes, but it can also screw up. This week Steven Schwartz, a New York lawyer, faces a disciplinary tribunal after admitting using ChatGPT to produce a 10-page brief in a personal injury case against a Colombian airline. The brief included detailed citations from supposedly relevant cases, but they were all invented. Imagine the movie, a few years from now, about the implosion of the Chinese fintech sector because of its indiscriminate use of generative AI that turned out to generate mainly nonsense.
