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Artificial Intelligence - Humanity's Last Invention?

Why do so many leading thinkers warn about the dangers of artificial intelligence? In what ways could it pose an existential threat to humanity?

Elon Musk characterized artificial intelligence as "summoning the demon" and Bill Gates said " I don't understand why some people are not concerned". This video explains why there is so much concern that we may become subjects to our own creation or even replaced by AI.