Can AI Be Meaningfully Regulated, or Is Regulation a Deceitful Fudge?

Governments are considering regulating artificial intelligence (AI) due to its potential and risks, despite limited understanding of its use and control. The focus is on generative AI controlled by Big Tech for profit, raising concerns about user benefits and ethical practices. The complexities of developing and funding AI pose challenges for regulation. Microsoft's involvement with OpenAI exemplifies the struggle between profit-driven motives and ethical AI development. The need for AI regulation is emphasized to ensure fairness, accountability, and non-discriminatory practices in AI applications like loan approvals and parole decisions. Different regulation models, such as the monolithic EU approach and the patchwork US model, have strengths and weaknesses. Critics argue that GDPR has failed to protect personal privacy effectively, suggesting a need for more agile and sector-specific regulations. The debate continues on whether regulation can effectively address the evolving landscape of AI technology and its potential impact on society.