The European Union (EU) is taking steps to protect individuals from the potential risks associated with artificial intelligence (AI), but not all companies are on board with the proposed regulations. Several executives from leading companies, including Airbus, ARM, Meta, Mistral AI, Renault, and Ubisoft, have expressed their concerns over the legislation passed by the European Parliament, stating that it would impose high compliance costs and liability risks on AI system developers, ultimately hindering competition during a crucial period of growth.
In a joint letter, the executives highlighted the significance of generative AI, a technology that relies on large language models and can significantly impact the performance and competitiveness of different regions. They argued that states with the most advanced language models would possess a distinct advantage in the global market. However, the legislation, known as the preliminary Artificial Intelligence Act, demands that companies undergo rigorous risk assessments and meet transparency requirements for their AI models.
While companies have been leveraging AI in their operations for years, the recent proliferation of large language models and generative AI products has raised concerns. OpenAI’s ChatGPT chatbot, introduced last year, ignited widespread interest in this field, prompting the development of similar offerings such as Google’s Bard, Microsoft’s AI-powered Bing chatbot, and Meta’s experimental bot for Instagram. AI technology has rapidly expanded into various applications, ranging from writing emails, shopping, and hiring processes, to tracking sleep patterns.
To address the potential risks associated with AI, lawmakers in the EU and the United States are grappling with the task of regulating this rapidly evolving technology. Even the executives whose companies would be subject to regulation have voiced warnings about AI’s potential impact on humanity. In light of the unprecedented advancement of AI in recent months, European companies have requested regulations that align with the fast pace of technological development.
Despite the concerns raised by industry leaders, the European Parliament has not yet responded to requests for comment on the matter.
Overall, the EU’s initiative to protect individuals from AI risks has sparked a debate among companies relying on AI technology. While the legislation aims to ensure transparency and accountability, its potential impact on competition and excessive compliance costs has alarmed executives. As the regulatory landscape continues to evolve, it remains to be seen how AI will be effectively governed to strike a balance between innovation and safeguarding societal interests.
