How exactly does the terminal goal of benefiting shareholders disappear[…]
But does this terminal goal exist today? The proper (and to some extent actual) goal of firms is widely considered to be maximizing share value, but this is manifestly not the same as maximizing shareholder value — or even benefiting shareholders. For example:
I hold shares in Company A, which maximizes its share value through actions that poison me or the society I live in. My shares gain value, but I suffer net harm.
Company A increases its value by locking its customers into a dependency relationship, then exploits that relationship. I hold shares, but am also a customer, and suffer net harm.
I hold shares in A, but also in competing Company B. Company A gains incremental value by destroying B, my shares in B become worthless, and the value of my stock portfolio decreases. Note that diversified portfolios will typically include holdings of competing firms, each of which takes no account of the value of the other.
Equating share value with shareholder value is obviously wrong (even when considering only share value!) and is potentially lethal. This conceptual error both encourages complacency regarding the alignment of corporate behavior with human interests and undercuts efforts to improve that alignment.
Yes, and the space of (what I would call) intelligent systems is far wider than the space of (what I would call) minds. To speak of “superintelligences” suggests that intelligence is a thing, like a mind, rather than a property, like prediction or problem-solving capacity. This is which is why I instead speak of the broader class of systems that perform tasks “at a superintelligent level”. We have different ontologies, and I suggest that a mind-centric ontology is too narrow.
The most AGI-like systems we have today are LLMs, optimized for a simple prediction task. They can be viewed as simulators, but they have a peculiar relationship to agency:
LLMs have rich knowledge and capabilities, and can even simulate agents, yet they have no natural place in an agent-centric ontology. There’s an update to be had here (new information! fresh perspectives!) and much to reconsider.