According to findings from ResearchAndMarkets.com, large language models (LLMs) are going to catalyse the generative AI market as it continues to grow. In fact, it is projected to reach $51.8billion by 2028. Governments around the world are looking to capitalise on the technology and the UK is no different.
Beginning on 12 September, the House of Lords Communications and Digital Committee will open its inquiry into large language models (LLMs). Members who are looking to provide evidence to the Committee that the government can respond to opportunities and risks include:
- Ian Hogarth, chair, Foundation Model Taskforce
- Jean Innes, incoming CEO, The Alan Turing Institute
- Professor Neil Lawrence, DeepMind professor of machine learning at the University of Cambridge
- Ben Brooks, head of public policy, Stability AI
Generative AI and LLMs are not without risk. The Fintech Times recently heard from experts about the risks associated with the technology. Although the industry seemed generally optimistic about its growth, there were concerns like the development of biases. “Data poisoning” was a big issue highlighted by Chirag Shah, founder and CEO of Pulse, the data insights provider. Organisations must constantly scrutinise data to ensure it is not producing the wrong outcomes.
What will be discussed?
The Committee will observe the role and structure of the Foundation Model Taskforce, its objectives, priorities, and investment plans. In addition to this, it will evaluate the government’s preparedness in regard to opportunities and risks created by LLMs.
It will also look at the impact of the technology in the next one to three years. As a result, it looks to ensure the UK is best placed to deal with the potential threats. With OpenAI‘s GPT-3 and GPT-4 models thrusting generative AI into the limelight, the technology has been quickly adapted which means suitable regulations must follow.
Lastly, it will identify the differences between open and closed-source language models. With open-source data being a massive talking point, the Committee will evaluate how it is likely to develop in the next few years.