EU Mobilizes $200 Billion in AI Race Against US and China
Matilda
EU Mobilizes $200 Billion in AI Race Against US and China
The European Union is stepping up its efforts to become a global leader in artificial intelligence (AI) with a monumental investment initiative worth €200 billion (approximately $206 billion). This announcement, made by EU Commission President Ursula von der Leyen during the AI Action Summit in Paris, marks a significant move in the ongoing global AI race, with the US and China currently leading the way. A Bold Commitment to AI Innovation At the heart of this strategy is the “InvestAI initiative,” which will allocate €50 billion (about $51 billion) from the EU budget to augment €150 billion ($154 billion) pledged by a collective of private investors known as the European AI Champions Initiative. The aim is to supercharge AI infrastructure development, particularly in the creation of “gigafactories”—large-scale facilities crucial for training sophisticated AI models. “We want Europe to be one of the leading AI continents, and this means embracing a future where AI is integrated into every…
