European companies criticized the artificial intelligence law; Weakening market competition

Some of Europe’s largest companies have criticized the so-called “Artificial Intelligence Act” (AI Act), which was passed last month, claiming that the AI ​​Act is useless and could have a negative impact on competition in this field.

According to the Financial Times, more than 150 CEOs from companies such as Renault (French car maker), aerospace industry company Airbus and Siemens sent an open letter to the European Parliament, the Commission and EU member states against the artificial intelligence law due to its risks to competitiveness and technological governance. Europe has criticized.

Last month, the European Parliament draft It passed the AI ​​Act after two years of developing its legislation, which includes some recent developments in the field, such as large language artificial intelligence models (LLM) and foundational models, such as OpenAI’s GPT-4. Of course, there are still several steps left until the implementation of this new law, and the final rules are expected to be announced by the end of this year.

The signatories of the letter claim that the current version of the AI ​​law will stifle the potential that the technology provides for European tech regrowth. They have argued that the laws passed are too extreme, and instead of providing an enabling environment for AI-related innovation, they jeopardize its ambitions.

Artificial Intelligence Law Concerns

One of the main concerns raised in the letter is the AI ​​Act’s tougher rules, which specifically target generative AI systems or basic models. According to the approved law, providers of AI-based models must register their product in the EU, undergo a risk assessment and meet requirements such as “providing data information related to the training of their model”.

They have also asked the European Union to create a regulatory body with the help of experts in this industry to oversee the design of its law at the same time as the development of artificial intelligence continues.

On the other hand, Elon Musk is one of the supporters of the artificial intelligence law and has repeatedly spoken about the dangers of this technology. He last said last month that the lack of legislation for artificial intelligence would have disastrous consequences.