KEY POINTS
  • Tech execs have voiced concern that the development of artificial intelligence is concentrated in the hands of too few companies, potentially giving them too much power.
  • OpenAI's ChatGPT marked the start of what many in the industry have called an AI arms race, as tech giants including Microsoft and Google have sought to develop and launch AI models.
  • A number of tech execs told CNBC that they feel users have lost control of their data online and that it is being harnessed by technology giants to feed their profits.

Tech execs have voiced concern that the development of artificial intelligence is concentrated in the hands of too few companies, potentially giving them excessive control over the rapidly evolving technology.

An explosion of interest in AI was sparked by OpenAI's ChatGPT late last year thanks to the novel way in which the chatbot can answer user prompts.