Europe lags behind USA and China, in regards to investments in AI

The United States continues to lead in investments in artificial intelligence, further highlighting the gap with Europe and China. In 2022, American private investments in AI reached $47.4 billion, double the combined amount invested in the European Union, the United Kingdom, and China.

Despite a global decline in AI investments as indicated by the AI Index Report 2023, the United States remains dominant. While competitors acknowledge the positive impact of AI on life and the economy, they prefer a more cautious approach to investments. In Europe, restrictive regulations and often excessive bureaucracy create barriers rather than foster progress and innovation. An innovative Europe should facilitate the development of AI.

Emmanuel Macron recently warned that new EU rules on AI could weaken European tech companies against competitors from the US, UK, and China. He emphasized the risk of over-regulating technologies that Europe no longer produces or innovates, which would not benefit the region’s competitiveness.

In a recent article, I argued that AI holds tremendous potential. Similar to the industrial revolution, AI promises to profoundly transform society and the economy. Instead of replacing humans, AI enhances human capabilities.

It is crucial for Europe to embrace this technological revolution and prepare for a future where AI is not just an option but an essential requirement.