Voluminous yet Vacuous? Semantic Capital in an Age of Large Language Models

Abstract: LLMs have emerged as transformative forces in the realm of natural language processing, wielding the power to generate human-like text. However, despite their potential for content creation, they carry the risk of eroding our Semantic Capital (SC) - the collective knowledge within our digital ecosystem - thereby posing diverse social epistemic challenges. This paper explores the evolution, capabilities, and limitations of these models, while highlighting ethical concerns they raise. The study contribution is two-fold: first, it is acknowledged that, withstanding the challenges of tracking and controlling LLM impacts, it is necessary to reconsider our interaction with these AI technologies and the narratives that form public perception of them. It is argued that before achieving this goal, it is essential to confront a potential deontological tipping point in an increasing AI-driven infosphere. This goes beyond just adhering to AI ethical norms or regulations and requires understanding the spectrum of social epistemic risks LLMs might bring to our collective SC. Secondly, building on Luciano Floridi's taxonomy for SC risks, those are mapped within the functionality and constraints of LLMs. By this outlook, we aim to protect and enrich our SC while fostering a collaborative environment between humans and AI that augments human intelligence rather than replacing it.