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A coalition of businesses and tech firms has jointly penned a letter addressed to European Union regulators, cautioning against excessive regulation of potent artificial intelligence (AI) systems that may stifle innovation. 
This collective appeal, comprising 33 companies operating within the EU, underscores the potential detriment of imposing overly rigorous rules on foundational AI models such as OpenAI’s ChatGPT and general-purpose AI (GPAI). 
Such stringent regulations, the letter contends, could potentially impede much-needed innovation within the European region. 
To buttress their argument, the signatories point to data revealing that merely 8% of European companies are currently harnessing AI technologies, a figure notably distant from the European Commission’s ambitious 2030 target of 75%. 
Furthermore, a mere 3% of the world’s AI unicorns originate from the EU. The signatories stress that Europe’s competitiveness and economic stability are heavily reliant on its businesses and citizens effectively deploying AI across vital sectors such as green technology, healthcare, manufacturing, and energy. 
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The companies underscore that for Europe to emerge as a “global digital powerhouse,” it must champion AI technologies like foundation models and GPAI, both of which are under scrutiny as the EU prepares to introduce new legislation. 
The letter also provides constructive suggestions for EU leaders, aiming to strike a balance between fostering innovation and addressing legitimate concerns. 
These proposals encompass measures such as reducing compliance costs for companies, concentrating regulatory efforts on high-risk use cases rather than specific technologies, and offering clarity on areas where existing legislation already overlaps. 
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This development unfolds against the backdrop of the EU’s ongoing efforts to finalize the landmark EU AI Act, originally passed in June and currently undergoing scrutiny and revision by member states. 
Following the initial passage of the act, 160 executives from the technology industry issued a similar letter to EU officials, highlighting the potential repercussions of excessively strict AI regulations. 
The convergence of industry leaders in advocating for a balanced approach to AI regulation underscores the significance of striking the right equilibrium between promoting innovation and safeguarding societal interests in an increasingly AI-driven world. 
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Tech Companies Warn EU Against Over-Regulating AI

Crypto Intelligence

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