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I cannot find the study, but a lab developed dozens of unbelievably toxic and completely novel proteins over a very small period of time with modern compute. The paper was light on details because they viewed the capability as too dangerous to fully specify. I'll keep trying to google to find it.
This is simpler than engineering a virus, yes, but the possibility is there and real. Either using AI as an assistive measure or as a ground-up engineer will be a thing soon.
See Gwern's terrorism is not effective. Thesis:
He notes that a terrorist group using the obvious plan of "buy a sniper rifle and kill one random person per member of the terrorist group per month" would be orders of magnitude more effective at killing people than the track record of actual terrorists (where in fact 65% of terrorist attacks do not even injure a single other person), while also being much more, well, terrifying.
Gwern concludes that dedicated, goal-driven terrorism basically never happens. I'm inclined to agree with him. We're fine because effectively nobody really wants to do as much damage as they can, not if it involves strategically and consistently doing something unrewarding and mildly inconvenient over a period of months to years (as would be required by the boring obvious route for bioterrorism).
I personally think the biggest risk of catastrophe comes from the risk that someone will accidentally do something disastrous (this is not limited to AI -- see gain-of-function research for a fun example).
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I don't think a run-of-the-mill grad student could set up this test, and I'm sure the compute was horrendously expensive. But these barriers are going to drop continuously.
Model development will become more "managed", compute will continue to get cheaper, and the number of bad actors who only have to go to grad school (as opposed to being top-of-their-field doctorate specialists) will remain high enough to do some damage.
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