As tax season approaches, some are considering using AI chatbots like ChatGPT for help with their returns. However, experts advise caution as they may provide inaccurate answers. Despite concerns over data security and the need for personalized advice, AI chatbots can still be useful for general tax questions and education. Human tax professionals remain the most reliable source for personalized advice and error-free returns.
Amazon has invested $2.75 billion more in Anthropic, an AI startup seen as a competitor to OpenAI's ChatGPT. This is part of a broader spending spree by cloud providers to gain an edge in the AI race, with Amazon providing cloud services and chips to Anthropic in return. The investment will help Anthropic develop more advanced generative AI models, but raises concerns about potential risks and regulatory scrutiny given the circular nature of such partnerships.
Morgan Stanley has appointed Jeff McMillan as its first firm-wide AI chief. The move reflects the growing significance of AI in financial services, as firms seek to integrate AI-powered solutions across their business lines. McMillan's previous experience in wealth management and his involvement in implementing OpenAI solutions position him well to lead Morgan Stanley's AI strategy.
