'The Five' co-hosts weigh in on the creator of ChatGPT raising'major concerns' regarding the implications of how artificial intelligence could change society. Elon Musk's proposed temporary halt in AI development would give China the freedom to surpass the U.S. and develop "the most powerful tool" in the 21st century, according to an industry expert. "We need artificial intelligence to automate and manage so much of the existing technology, as well as open the ability for us to manage a significantly larger population," Sultan Meghji, a professor at Duke University's Pratt Engineering School, told Fox News Digital. "We will not be able to do that without artificial intelligence." "As we consider our global competition with the People's Republic of China and others," Meghji, who served as the first chief innovation officer for the FDIC, argued, "artificial intelligence is the most powerful tool in our toolbox, and I don't want to lose the 21st century to the Chinese."

In the next 10 years, as robots and other tech bring about the "greatest transfer from labour to capital" the industry has witnessed, per a report by Wells Fargo analysts, U.S. banks will slash over 200,000 jobs. Veteran Wall Street Analyst Mike Mayo noted that cuts of such magnitude would comprise over 10 percent of total bank jobs, and pave the way for a "golden age of banking efficiency," the Financial Times reported. Mayo said, according to the outlet, "It's been a rocky 25-year marriage for banking and technology, but it's finally getting on course." Wells Fargo's team of analysts in financial services and technology examined technology's impact throughout the banking industry in the U.S. The 225-page report discussed how artificial intelligence could cut costs for mortgage processing by 10 percent to 20 percent. Cloud computing, on the other hand, could bring in significant savings, while Big Data would enable "more surgical marketing."