More than half of the Fortune 500 companies in the United States view artificial intelligence (AI) as a potential risk to their business, according to a new survey by Arize AI. The research, which tracks public disclosures by large businesses, found that 56% of these companies cited AI as a "risk factor" in their most recent annual reports. This is a significant increase from just 9% in 2022, highlighting the growing concern among major corporations about the potential downsides of AI.
The survey also revealed that the concerns about AI vary across industries. For instance, 90% of the largest U.S. media and entertainment companies cited AI as a business risk in 2023, reflecting concerns about how AI might disrupt content creation, intellectual property rights, and revenue models. This anxiety is echoed in the software and technology sectors, where 86% of companies highlighted AI as a risk.
Despite the potential risks, some companies see AI as an opportunity for growth and innovation. For example, in the healthcare sector, companies like Quest Diagnostics and Cigna are leveraging AI to enhance various aspects of their operations, such as customer service, specimen processing, and claims analysis. However, only 33 of the 108 Fortune 500 companies that specifically discussed AI in their annual reports saw it primarily as an opportunity.
The survey underscores the need for robust safeguards and clear regulatory frameworks as AI continues to evolve. Legal, regulatory, and cybersecurity risks associated with AI were common themes in the survey. For instance, entertainment giant Disney warned that the "rules governing new technology developments" like AI are still unsettled, which could impact its business model. Similarly, pharmaceutical company Viatris raised concerns about the use of AI solutions by employees or suppliers, which could lead to the unauthorized disclosure of confidential information and personal data.