AI Sees Huge Investment at the Artificial Intelligence Action Summit
World Leaders at AI Action Summit on Feb 11 (AP Photo/Michel Euler)
AI is here to stay. On Feb. 10 and 11, French President Emmanuel Macron and Indian Prime Minister Narendra Modi hosted the Artificial Intelligence (AI) Action Summit in Paris. The event brought together over 100 countries as well as individuals from the private sector, NGOs, academics, and members of civil society. The summit was organized around five main themes: public interest in AI, future of the work, innovation and culture, trust in AI, and global AI governance. The event primarily focused on investment in the relatively young AI industry and on the appropriate level of regulations on the industry.
The summit set the stage for announcements of huge investment in AI, particularly among European leaders. Ursula von der Leyen, the President of the European Commission, announced a €200 billion investment in AI in Europe. Von der Leyen explained that of the €200 billion, €50 billion would come from the EU and the rest would be from private investors and companies. Similarly, Macron is making AI a key priority for France, announcing €109 billion in investments in the French AI industry and arguing for a “Notre Dame de Paris” strategy, referring to the unprecedented speed at which France repaired and rebuilt Notre Dame Cathedral following the devastating 2019 fire.
This investment marks a shift away from Europe’s more cautious attitude towards AI in the past couple years. In December 2023, the EU passed the AI Act which sets limits on AI and strives to mitigate the riskiest AI uses. This includes minimizing the use of facial recognition software by police and requiring transparency around AI-manipulated images. These most recent investments may reflect an anxiety about being “left behind” in the AI world that is dominated by the US and China.
US Vice President JD Vance maintained President Donald Trump’s “America First” rhetoric in his first international trip. Vance encouraged collaboration, inviting European allies to join the US by saying, “just because we are the leader doesn’t mean we want to or need to go it alone.” However, he stressed the importance of deregulation in the growth of AI. Regulation became a common punching bag among attendees. Vance warned that regulation of AI may hinder the industry before it could get on its feet. Macron and von der Leyen, similarly, argued for moving away from heavy regulation. However, they tempered their deregulatory calls by emphasizing the importance of safety and public trust in the technologies.
The summit was criticized by some for being too narrowly focused on industry growth and failing to address many of the risks and concerns of AI. Vance further minimized concerns about AI safety, saying in his speech, “The A.I. the future is not going to be won by hand-wringing about safety.” Vance was careful to make exceptions, for instance, “to prevent a predator from preying on a child on the internet” or to ensure authoritarian governments do not abuse AI.
European leaders paid lip service to concerns about safety with von der Leyen, saying that it “is in the interest of the business.” However, they were not forthcoming about the details. This summit seems to mark a shift away from the trepidation and fear that has characterised so many of the conversations about AI in recent years.