The current AI development model allows a small number of founders and firms to accumulate staggering wealth while the broader public bears the potential downside, from job displacement to existential threats. This mirrors past industrial shifts where private entities capitalized on innovation while externalizing the negative consequences.
While doomsday scenarios dominate headlines, a moratorium on AI research could stifle life-saving applications. AI is already dramatically improving sepsis mortality rates and accelerating cancer detection. Halting development means throwing out these powerful positive tools with the potential negative ones, a classic case of discarding the baby with the bathwater.
Contrary to the typical Silicon Valley view, regulation can be a stabilizing force for AI. Much like the SEC restored investor trust after the 1929 crash, a regulatory framework for AI can prevent market fragility, curb wild speculation, and build the consumer and investor confidence necessary for sustainable growth.
An International Artificial Intelligence Agency (IAIA), modeled on the International Atomic Energy Agency (IAEA), offers a viable path for global AI governance. The IAEA's success demonstrates that geopolitical adversaries can cooperate on managing existential threats, suggesting a framework for US-China collaboration on AI safety today.