In a survey by the AIC it found that 74% of respondents were worried about misinformation, 73% were concerned about job losses and 72% were concerned about the loss of human skills.

While around 51% were concerned about privacy and 45% concerned around increased pressure on water resources. But, the survey wasn’t all doom and gloom, it found that investors also saw the potential positives of AI investments with 68 % of respondents citing improved access to healthcare and medical breakthroughs and 51% citing creation of new jobs and industries.

Younger investors are more positive than older ones about AI, finding that among those aged under 45, 43% feel that investment in AI will have a positive impact on society and the environment, compared to only 29% of those aged 65 or older. Among all investors, 34% see a positive impact, 28% see a negative impact, but a further 26% are on the fence.  

Nick Britton, research director of the Association of Investment Companies (AIC), said: “Given the apocalyptic warnings from AI companies themselves, it’s no surprise that investors are concerned about potential negative impacts of AI. We’ve also seen waves of AI-related job losses reported in the news, while actual or potential benefits of AI remain more distant and hypothetical for most people.

“While fears predominate over hopes at the moment, the overall picture is one of uncertainty. Four in five respondents see both positive and negative impacts to AI, and many simply don’t know whether the net impact will be good or bad for society. As long as the AI investment boom continues and investors are making money, such fears may be overlooked – but if there is a market correction then AI companies may have to work harder to persuade investors that they can deliver growth while addressing their wider concerns.”

One said: “The opportunity is the enormous amount of infrastructure that needs to be developed to provide energy to power all this AI. We aren’t going to stop the world, we are here. This is the AI revolution and it’s only going to keep increasing. I hope that super-efficient infrastructure will drive greater responsibility and energy usage, as long as data centres recycle their water.”

The environmental impact of massive AI usage is a concern for some investors. One commented: “I am a little concerned about data centres and their water usage, how much electricity they use. I am a fan of AI but I want it to be used responsibly as well as finding benefits for myself, but I am coming across quite a lot of negativity in the press about its environmental impacts and I hope that AI companies will offset their impact.”

Others are worried about a potential decline of skills in younger people. One investor said: “Some people I work with who are younger, use it constantly. They will just automatically default to it if they aren’t sure about something – they don’t try to find the answer, that’s just the way they have been taught. So I think we have to be careful about it.”