Tech Giants Campaign to Shape EU AI Regulations Amidst Billion-Dollar Stakes

Major tech firms are lobbying the European Union to adopt lenient artificial intelligence regulations to avoid steep fines. The new AI Act, while comprehensive, leaves many enforcement details up in the air. The EU has invited various stakeholders for input, with differing views on transparency and copyright issues.

The world's leading tech firms are rallying to influence the European Union's stance on regulating artificial intelligence, with stakes running into billions of dollars. They are pushing for a light-touch approach to avoid massive fines.

In May, EU lawmakers approved the AI Act, a pioneering legislation to control AI technology. However, the enforcement specifics remain ambiguous until the accompanying codes of practice are finalized. These guidelines will clarify the handling of 'general purpose' AI systems like OpenAI's ChatGPT, including potential copyright lawsuits and fines.

Tech companies, academics, and other stakeholders have been invited to draft the code of practice, receiving nearly 1,000 applications. Although non-binding, this code will act as a compliance checklist for firms. Non-compliance could lead to legal challenges, pressing the tech industry to find a balance between innovation and regulatory adherence.

(With inputs from agencies.)