A recent report by venture capital firm Air Street Capital revealed that the U.S. leads globally in AI innovation, investment, and implementation. Over 70% of the most cited AI papers since 2020 were authored by U.S. institutions and organizations. Furthermore, U.S.-based AI companies received 70% of global private funding in 2023, up from 55% in 2022.
Key takeaways:
- President Joe Biden is preparing an executive order dealing with artificial intelligence (AI), but Senate Majority Leader Chuck Schumer believes that action on AI needs to come from Congress.
- Schumer stressed the need for federal investment of up to $32 billion in AI safeguards, stating that if the government doesn't do it, no one will.
- Biden's executive order will require assessments for advanced AI models before they can be used by federal workers and will require federal government agencies to consider incorporating AI into their work.
- A report by Air Street Capital showed that the U.S. leads all other countries in terms of the innovation, investment and implementation of disruptive AI products and research, with U.S. AI companies receiving 70% of global private funding in 2023.