(Yicai) March 29 -- Artificial intelligence industry experts and business executives have gathered at the Boao Forum for Asia to discuss about the changes in human production and lifestyle, as well as the risks brought about by the rapid development of AI.

The benefits of AI for people are still limited, Christopher Thomas, a senior fellow at the Brookings Institution, said at the BFA ending today. Even though there are a few companies that received funds because of AI technologies, this is not sufficient, he noted, adding that in order to promote AI around the world, massive investment is needed to improve countries’ computing infrastructure.

Multinational tech giants provided significant investment and support to AI startups last year. Microsoft, Google, and Amazon struck a series of large deals, which accounted for two-thirds of the USD27 billion raised by emerging AI companies, according to market research firm PitchBook.

Large language models are facing challenges in integrating early AI technologies with existing systems, Denis Depoux, co-president of the global management board of consulting firm Roland Berger, told Yicai. This will accelerate the adoption of AI, which in turn will boost engineering, machine-driven product research and development, and productivity and quality in the service industry, Depoux noted.

Finding a balance between innovation and regulations is a major challenge, Michele Geraci, Italy’s former vice minister of economic development, told Yicai. The impact and trajectory of AI over the next five years remain largely unpredictable, so it is difficult to envision its potential applications, he noted, adding that it is a complicated task to create a law to govern a technology that is still evolving.

AI will bring significant disruption to the labor market, as well as challenges to developing skills, so governments still need to formulate relevant policies to respond to the changes in the labor market, said Mathias Cormann, secretary-general of the Organization for Economic Cooperation and Development.

On March 13, the European Parliament passed the AI Act, the world’s first comprehensive regulation in the field of AI, which will come into force this year.

Editor: Futura Costaglione