June 9, 2023


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The head of the oil fund, Nikolai Tangin, believes that it will be very difficult to stop the development of artificial intelligence (AI).

The development of artificial intelligence (AI) is happening at breakneck speed. Many believe that it is traveling too fast, and could simply be dangerous to our civilization.

A number of scientists and technology leaders such as Elon Musk have advocated for the development It is paused for six months.

The head of the Oil Fund, Nikolai Tangin, has little confidence in such an outage.

– It is very difficult to stop the development of artificial intelligence, says Nikolai Tangin.

Races in many countries

He points out that there are many different people developing the technology at the same time.

– Many different countries see it as a race. How we’re going to tell the Chinese, for example, to stop doing that, Tangin says, I can’t quite imagine.

More Efficient: Director of Technology and Operations, Birgit Brain, and Nikolai Tangen will make the operation of the oil fund more efficient with artificial intelligence. Photo: Per Haugen/TV 2

You must become more efficient

Instead, he and Birgit Bryan, Director of Technology and Operations, are actively working to use new technology to make oil fund management more efficient.

– We use artificial intelligence to reduce the number of deals we do by being able to highly predict what will happen, says Tangen.

He believes it could help raise the efficiency of the fund’s operations by ten percent over the course of the year.

– We believe we can handle more and more complex transactions, make better decisions and have better procedures with less risk with this technology, says Birgit Brain, CTO and Operations.

Although AI should make the operation of the oil fund more efficient, it should not cause people to lose their jobs.

– This will not make people superfluous with us, – says Nikolai Tangin.

New revolution

Oil fund manager Nikolai Tangin has called for progress on legislation on the use of artificial intelligence (AI), which he describes as a new industrial revolution.

– The previous revolution had a major role in increasing industrial employment. This is about the collar. These are lawyers and accountants. Nikolai Tangin believes that office workers are being laid off here.

ethical challenges

Recently, it became known that chief researcher Jeffrey Hinton, who is called the “godfather of artificial intelligence”, is leaving Google and warns against artificial intelligence.

In many interviews with international media, he has spoken of his concern about what would happen if AI was used by the wrong people.

– He added that it is difficult to know how we can prevent actors from exploiting them for evil purposes The New York Times.

Big challenges

At Oljefondet too, AI challenges are taken very seriously.

There are major ethical challenges. Whatever can be used for good can also be used for bad, says Birgit Brenn.

She believes that the big technology companies that develop AI have a responsibility to think about it when the technology is further developed.

It is still the states that have to set the guidelines and the restrictions. It is important that this is done in an appropriate manner, says Nikolai Tangin.

The Norwegian Oil Fund is now developing a document containing guidelines on the ethical use of AI, in the same way that the Fund has clear guidelines for human rights and climate.

– It is important that we as investors place demands on the companies in which we invest. If AI is not handled responsibly, it could lead to our withdrawal, says Nikolai Tangin.

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