Companies are exaggerating their use of artificial intelligence AI to boost their stock prices, a practice known as 'AI washing.'
AI washing might be a phenomenon you’ve never heard of, but it is rapidly on the rise. Overplaying claims about artificial intelligence in the hope of creating a ‘halo effect’ around their company and boosting their stock price is a new fad, spanning across a variety of sectors. The current wave of AI hype is boosting companies that emphasise their use of AI, with some, like Nvidia, seeing their stock price rise over 500 percent since the start of 2023.
While none of these companies have been accused of AI washing, it shows that businesses are eager to bring AI into their business when they might not necessarily need to. Two months ago, the US Securities and Exchange Commission took the first action against two investment advisers, Delphia and Global Predictions, for the use of AI washing.
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