The CMA’s review is being conducted in an attempt to better understand how foundation models — which include large language models, like OpenAI’s GPT-4, the basis for ChatGPT — are developing, and to produce an assessment of the conditions and standards that will best guide foundation models’ use and development going forward.

The review is also set to examine how the competitive markets for foundation models could evolve, and what opportunities and risks these scenarios could bring for both competition and consumer protection.

On the launching of the artificial intelligence market review, Sarah Cardell, the CMA’s Chief Executive, said: “AI has burst into the public consciousness over the past few months but has been on our radar for some time. It’s a technology developing at speed and has the potential to transform the way businesses compete as well as drive substantial economic growth.

“It’s crucial that the potential benefits of this transformative technology are readily accessible to UK businesses and consumers while people remain protected from issues like false or misleading information. Our goal is to help this new, rapidly scaling technology develop in ways that ensure open, competitive markets and effective consumer protection.”

The announcement of the review’s launch comes during sustained international calls for AI and its further advancement to be regulated, amid fears of how the technology could profoundly impact jobs, industry, and privacy, among other significant areas.

Just this week, more notable figureheads working in the tech industry and beyond have announced their trepidation over artificial intelligence, pointing to regulation as a necessary step.

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Microsoft’s Chief Economist, Michael Schwarz, for instance, voiced his concerns at a World Economic Forum panel earlier this week. “I am quite confident that, yes, AI will be used by bad actors, and yes, it will cause real damage,” he said during the discussion. According to Bloomberg, Schwarz also said that AI clearly must be regulated, but that lawmakers should wait until the technology causes real harm.

Meanwhile, Lina Khan, the Chair of the Federal Trade Commission in the US, took to the New York Times to write an op-ed titled We Must Regulate A.I. Here’s How. “While the technology is moving swiftly, we already can see several risks. […] Enforcers and regulators must be vigilant,” she wrote.

Further, the British artificial intelligence researcher, Geoffrey Hinton — known as the “godfather of AI” — left his VP and Engineering Fellow post at Google this week so that he could speak more openly about his concerns regarding AI without worrying about how his comments could impact the tech giant.

Speaking in a personal capacity, Matt Clifford, the chairman of the UK’s Advanced Research and Invention Agency, told the BBC that “There’s an enormous upside from this technology, but it’s essential that the world invests heavily and urgently in AI safety and control.”