U.S. tech stock Meta (META) got a boost today as nearly 50 chief executives from European firms teamed up to ask the European Union to put its new AI Act on hold.
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Complex Act
Chief executives from planemaker Airbus (EADSF), bank BNP Paribas and French retailer Carrefour wrote to the President of the European Commission, Ursula von der Leyen, asking her to delay the Act for two years.
In the letter, they warned that “overlapping, unclear rules could discourage investment and slow down AI development across Europe.”
The letter argued that the complex Act puts Europe’s AI ambitions at risk, as it “jeopardizes not only the development of European champions, but also the ability of all industries to deploy AI at the scale required by global competition.”
Watered Down
The U.S. government, big tech firms, and European business groups have all stepped up pressure on the law. Just this week, Brussels hosted senior representatives from major US technology firms to review a revised, softer draft of the legislation.
Central to the discussions is a “code of practice” designed to guide firms on ways to comply with the Act when deploying AI models, including Llama from Meta and OpenAI’s GPT-4. Originally scheduled for publication in May, the code has been postponed and is expected to be watered down.
It also comes as trade talks between the EU and the U.S. continue with differing reports over whether legislation such as the Digital Markets Act, which has been used to lessen the competitive power of U.S. tech, would be included in the negotiations.
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