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European companies unite to oppose overregulation of AI, citing innovation risks: Details European companies unite to oppose overregulation of AI, citing innovation risks: Details

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European companies unite to oppose overregulation of AI, citing innovation risks: Details – Crypto News

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On Thursday, businesses and tech groups cautioned the European Union against excessive regulation of foundation models, a type of artificial intelligence system, in the forthcoming AI rules. They emphasized that such over-regulation could potentially stifle the growth of emerging start-ups or force them to relocate from the region, reported Reuters.

The appeal was made as European Union nations and lawmakers enter the concluding phase of negotiations on regulations that may establish the standard for other countries.

One major point of disagreement revolves around foundation models like OpenAI’s ChatGPT. These are AI systems trained on extensive datasets, equipped with the capability to learn from new data and execute various tasks, adds the report.

“For Europe to become a global digital powerhouse, we need companies that can lead on AI innovation also using foundation models and GPAI,” DigitalEurope, whose members include Airbus, Apple, Ericsson, Google, LSE and SAP, wrote in a letter.

“As European digital industry representatives, we see a huge opportunity in foundation models, and new innovative players emerging in this space, many of them born here in Europe. Let’s not regulate them out of existence before they get a chance to scale, or force them to leave,” said the companies.

The letter also received endorsements from thirty-two European digital associations. GPAI, which stands for general-purpose artificial intelligence, was mentioned in the communication. The signatories, noting that only three percent of the world’s AI unicorns originate from the European Union, expressed support for a collaborative proposal by France, Germany, and Italy. The proposal aims to restrict the scope of AI rules for foundation models specifically to transparency requirements.

They also mentioned that the existing expansive scope of the draft AI rules might conflict with prevailing legislation in certain sectors, such as healthcare.

“We are increasingly frustrated at what we see as a lack of interest in the effects on the medical sector. Our impression is that people don’t care about the content any more, they just want to get it done. We are simply collateral damage,” said spokesperson Georgina Prodhan at Siemens Healthineers.

The companies also rejected appeals from creative industries to address copyright issues within the AI rules.

“The EU’s comprehensive copyright protection and enforcement framework already contains provisions that can help address AI-related copyright issues, such as the text and data mining exemption and corresponding,” added companies.

(With inputs from Reuters)

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Updated: 24 Nov 2023, 03:15 PM IST

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