At the AI Action Summit in Paris, EU Commission President Ursula von der Leyen announced a €200 billion investment in artificial intelligence to enhance the continent's competitiveness against the US and China. The funding comprises €50 billion from the EU and €150 billion from private investors in the European AI Champions Initiative. These resources are to build gigafactories for AI model training. French President Macron also pledged €109 billion for AI investments. This strategic move comes amidst concerns over excessive regulation in the AI sector, highlighted by US Vice President JD Vance's remarks on EU policies.
"We want Europe to be one of the leading AI continents, and this means embracing a way of life where AI is everywhere," said Von der Leyen.
"Too often I hear that Europe is late to the race where the United States or China have already gotten ahead. I disagree, because the AI race is far from being over."
The EU was one of the first global powers to introduce comprehensive regulations around artificial intelligence, ushering the AI Act into force last year.
JD Vance criticized the EU's regulatory environment, describing it as "authoritarian censorship" and saying that "excessive regulation of the AI sector could kill a transformative industry."
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