It is no secret that European governments are feeling increasingly uncomfortable with the concentration of power held by tech giants from Silicon Valley. The fear of becoming downstream customers of future technologies, in exchange for money and data sent across the Atlantic, has become a growing concern. The perceived gap in values and beliefs between Silicon Valley and the average EU citizen is adding to this unease. The fear of falling behind in the AI race has been looming over Europe since 2018 when the European Commission issued an AI plan, calling for “AI made in Europe” to compete with the US and China.
The notion of AI sovereignty has become a central theme in the discussions surrounding European regulations on AI technologies. Some experts argue that AI sovereignty means standing up against Big Tech and reclaiming control over technological advancements. On the other hand, there are those who believe that there is nothing inherently wrong with Big Tech as long as it is European-led. The conflicting priorities have complicated EU regulation, as seen in the debates over the AI Act, which is set to become law this summer.
France, among other member states, has expressed concerns that heavy regulation could hinder the growth of emerging AI companies in Europe. There is a growing sentiment that Europe must innovate before it can effectively regulate the AI industry. French Finance Minister Bruno Le Maire emphasized the need for European actors to master AI technologies. This push for European dominance in AI is reflected in the AI Act’s commitment to making the EU a leader in trustworthy AI applications.
Despite the challenges ahead, Europe does possess some of the key elements necessary to compete in the AI landscape. The continent has access to data and AI talent, although the retention of talent remains an issue. Efforts to bolster high-performance computing resources through initiatives like the “AI Factories” program aim to level the playing field. However, the gap in capital investment between the US and Europe presents a significant obstacle. Private investment in US AI companies far exceeds that in European counterparts, highlighting the need for greater financial support for European AI initiatives.
Europe finds itself at a crossroads in the realm of AI development. The growing concerns over the influence of tech giants, coupled with the desire for AI sovereignty, pose complex challenges for policymakers. Balancing the need for regulation with the imperative to foster innovation will be crucial in determining Europe’s standing in the global AI race. By leveraging its existing resources and addressing key areas of improvement, Europe has the potential to carve out its own path in the ever-evolving landscape of artificial intelligence.