New York is taking steps to understand and regulate AI in the financial industry. The New York Department of Financial Services (DFS) is investing in AI equipment and professionals to gain a better understanding of how AI is being used and to establish regulations for its proper use.
The demand for supercomputers is rising due to their effectiveness in cloud and AI tasks. They excel in running complex simulations, training large language models, and analyzing massive amounts of data. New York’s acquisition of a supercomputer aims to support the DFS in comprehending the utilization of AI in finance and creating regulations that safeguard consumers.
Using a supercomputer for AI tasks offers several advantages. Firstly, supercomputers process data at a significantly faster rate than traditional computers, enabling quicker AI model training and application execution. Their substantial computing power allows for handling intricate AI tasks that would pose challenges or be time-consuming for conventional computers. Additionally, supercomputers provide ample storage space, crucial for housing the extensive datasets required for AI training and applications.
The integration of AI in the financial industry is rapidly expanding, with applications ranging from fraud detection. The DFS’s decision to procure a supercomputer signifies its serious approach to AI and its commitment to leveraging the technology to safeguard consumers and ensure financial system stability.
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