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Over a hundred European companies are urging the European Union to rethink its world-leading rules for AI regulation, saying they will impede companies in Europe when competing with rivals overseas, especially when it comes to the technology behind systems like ChatGPT.
According to CTV news, several company officials signed an open letter to EU leaders saying the 27-nation bloc’s revolutionary legislation might be impeding the development of generative AI. The CEO of ChatGPT maker OpenAI Sam Altman and the computer scientist known as the godfather of AI Geoffrey Hinton were among the hundreds of leading figures who signed the statement.
“Such regulation could lead to highly innovative companies moving their activities abroad and investors withdrawing their money from AI development in Europe”, the letter said. “The result would be a critical productivity gap between the two sides of the Atlantic.” Due to the concerns regarding the impact of AI on everyday life, the letter does acknowledge that there is a need to properly train AI models and ensure safe use.
The executives say laws requiring “rigid compliance” would be ineffective when there is so little known about the risks and uses of generative AI, and urge the EU to revise the AI Act to focus broadly on the risks. They also called for a “regulatory body of experts” that will adapt rules to new developments and respond to emerging risks, and added that there is a dire need for transatlantic standards.
The EU is still putting the finishing touches on its AI Act, and the rules are not expected to take effect for two years.