The advent of ChatGPT has sparked over a year of regulatory frenzy. However, few existing studies have rigorously questioned the assumption that, if left unregulated, AI chatbot's output would inflict tangible, severe real harm on human affairs. Most researchers have overlooked the critical possibility that the information market itself can effectively mitigate these risks and, as a result, they tend to use regulatory tools to address the issue directly. This Article develops a yardstick for reevaluating both AI-related content risks and corresponding regulatory proposals by focusing on inter-informational competition among various outlets. The decades-long history of regulating information and communications technologies indicates that regulators tend to err too much on the side of caution and to put forward excessive regulatory measures when encountering the uncertainties brought about by new technologies. In fact, a trove of empirical evidence has demonstrated that market competition among information outlets can effectively mitigate most risks and that overreliance on regulation is not only unnecessary but detrimental, as well. This Article argues that sufficient competition among chatbots and other information outlets in the information marketplace can sufficiently mitigate and even resolve most content risks posed by generative AI technologies. This renders certain loudly advocated regulatory strategies, like mandatory prohibitions, licensure, curation of datasets, and notice-and-response regimes, truly unnecessary and even toxic to desirable competition and innovation throughout the AI industry. Ultimately, the ideas that I advance in this Article should pour some much-needed cold water on the regulatory frenzy over generative AI and steer the issue back to a rational track.

翻译：ChatGPT的出现引发了长达一年多的监管狂热。然而，现有研究鲜有严谨地质疑这一假设：若不加监管，AI聊天机器人的输出将对人类事务造成切实且严重的现实伤害。大多数研究者忽视了信息市场本身能够有效缓解这些风险的关键可能性，从而倾向于直接运用监管工具应对问题。本文通过关注不同信息渠道之间的竞争，为重新评估AI相关内容风险及相应监管提案构建了判断基准。长达数十年的信息通信技术监管史表明，监管者在面对新技术带来的不确定性时，往往过度谨慎并推出过多的监管措施。事实上，大量经验证据表明，信息渠道间的市场竞争能有效缓解大部分风险，过度依赖监管不仅不必要，反而有害。本文论证，信息市场中聊天机器人与其他信息渠道之间的充分竞争，足以有效缓解甚至消除生成式AI技术带来的大多数内容风险。这使得某些被高声倡导的监管策略——如强制禁令、许可制度、数据集策划及通知与回应机制——变得毫无必要，甚至对AI行业的良性竞争与创新具有毒性。最终，本文提出的观点旨在为围绕生成式AI的监管狂热泼上一盆急需的冷水，将问题引导回理性轨道。