Europe's New AI Rules Have US Tech in Mind. They Might Miss.
Aug 08, 2024 - news.bensbites.com
The European Union is finalizing a $15 billion regulation against Big Tech, specifically targeting artificial intelligence (AI). The new rules, which are being implemented as companies like Microsoft Corp. and Nvidia Corp. are making significant investments in AI, aim to increase transparency and manage risks associated with technologies such as deepfakes. The regulations also aim to encourage investment and innovation in a region that lacks tech champions. Violations of these rules could result in fines of up to 7% of a company's annual revenue.
However, there are concerns that these new regulations may only serve to deepen the tech divide between Europe and the United States. The rules could potentially hinder the growth and competitiveness of European tech companies, while American tech giants continue to dominate the global market.
Key takeaways:
The European Union is finalizing a $15 billion regulation against Big Tech, specifically targeting artificial intelligence.
Companies like Microsoft Corp. and Nvidia Corp. are testing the financial markets' patience after making big investments in AI.
The new rules aim to increase transparency and manage risks associated with deepfakes, while also encouraging investment and innovation in the tech sector.
However, there are concerns that these new rules may only further deepen the transatlantic tech divide.
