In 2023, Tapestry Networks, in collaboration with Clifford Chance, launched the AI Connect Forum, a platform for senior leaders to delve into the strategic implications and concerns surrounding artificial intelligence (AI). The forum facilitated discussions on social, ethical, policy, and governance issues throughout the year, culminating in a Silicon Valley meeting attended by 21 leaders from companies with a combined market capitalization of approx. $3 trillion.
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Devika Kornbacher, Partner and Co-Chair of the Global Tech Group at Clifford Chance, says: “In the dynamic landscape of artificial intelligence, organizations are navigating unprecedented challenges. As we strive for innovation, it is crucial to strike a balance that fosters technological advancement while addressing critical concerns such as data governance, cybersecurity, intellectual property protections, and fairness.
Forums like AI Connect play a key role in furthering board level discussions on how we can harness the power of this technology, while traversing the regulatory landscape effectively and responsibly. By fostering discussions like these and others we are having with executives across industries, we hope to do our part in the tech eco-system by enabling best-in-class offerings and standards across the globe.”
The report delves into several key themes:
- A new AI ecosystem is emerging: The report identifies the main players and layers in large-scale AI, such as hardware, foundation models, data infrastructure, and AI applications. Google came to dominate the market in search, but participants doubt that this will happen with AI models, despite the growth of OpenAI.
- Companies are moving at different speeds: Rates of AI adoption and investment vary significantly and depend on how companies view the value, risk, and maturity of the technology. Some are already deploying generative AI at scale, while others are more cautious; a few very large firms have no current production-scale use of generative AI.
- Risks associated with AI abound: Generative AI presents data governance and privacy concerns, cyber threats, and risks of bias, opacity, and reputational damage. Many leaders are worried about intellectual property infringement.
- Governance and oversight are racing to keep up with the technology: Companies are still in the early stages of establishing governance frameworks for AI. They are identifying ways to integrate AI oversight into board-level risk management.
- Public policy and regulation will play a crucial role: The report reviews some of the recent initiatives and developments in AI policy. Participants see the US as lagging their European counterparts in setting policy. They fear that policymakers will strike poor balances between necessary regulation and valuable experimentation and development.
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Tucker Nielsen, Managing Director at Tapestry Networks, says: “Executives and their boards continue to grapple with how to responsibly deploy increasingly powerful AI models. Some of the most tech-savvy business leaders feel that, perhaps for the first time, the technology is moving more quickly than our ability to process it.”
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