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Google’s AI bod Bard makes a mistake in correctly answering a query which has wiped $100bn (£82bn) off the company’s market capitalisation. This has worried investors who say such a lapse can result in the software causing plagiarism issues.


Can you think of any other companies trying to catch up with ChatGPT?


Late last year, it was Microsoft who invested in OpenAI to create the AI software known as ChatGPT. Ever since this investment, many companies from different sectors have tried to play catch up, notable among them being Google’s Bard, international law firm Allen & Ovary’s Harvey and very recently US technology company, Nvidia looking to develop its own AI software.


What could be the advantages and disadvantages of ChatGPT?


Advantages:

1) It can make integration faster-things such as email domains, directory services, mailing lists, calendar sharing can be transmitted to all users seamlessly, meaning all stakeholders and employees will have access to up to date information in real time.


2) It can nullify the need to worry about hardware and applications-AI softwares such as ChatGPT can help in cloud merger, assist in corporate activities such as mergers & acquisitions, for example, with traditional softwares, if you double your company’s revenue by acquisition, you may think about duplicating your server’s power. With ChatGPT, this is not required as everything is integrated.


Disadvantages:

1) Data protection & privacy issues-As the development of AI is still pretty new, softwares such as ChatGPT can cause plagiarism which can expose confidential data to unregulated players potentially causing ownership issues in the transfer of data.


2) IP issues-Unregulated AI softwares such as ChatGPT can raise doubts in the mind of investors with regards to disclosure of information to merchants in IP claims to the extent where such merchants can enforce their rights. This can lead to issues in proceedings before court in terms of settlement of disputes.


From a legal standpoint, what practice areas might be affected by this trend? How might law firms be able to advise clients in light of this trend?


IP team along with the data privacy team will be heavily involved in drafting agreements to protect IP assets along with their data to ensure any transmission of data protects the user when there is transmission of data to a new interface. Additionally, the growth prospects of AI can prompt investors to invest in such projects. With the Bank of England now predicting the UK is (hopefully) out of a recession, debt finance teams will be involved to advise investors with regards the proportion of equity and debt to support such investments. Moreover, tax and corporate teams will also be involved to assist in M&A deals surrounding AI projects.


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