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Tech firms, including Meta and Spotify, on Thursday warned the European Union (EU) about the risks of overregulating the AI sector, which would likely stifle innovation. In an open letter that was also endorsed by Italian luxury fashion brand Prada, the tech firms highlighted to the EU that the region may not fully enjoy the benefits of AI tech. In July, Meta said it was holding back its most advanced AI model Llama from the European Union (EU) markets citing a tough regulatory environment in that region. Tech firms say the EU is fast becoming uncompetitive Now, researchers and several industry bodies joined executives of these tech firms in signing the letter to the EU explaining to the bloc that it is already fast becoming uncompetitive, mainly because of its “fragmented and inconsistent” decision-making on matters like data privacy and AI. Due to this, the signatories maintained that the EU risked falling further behind the AI age and called for “harmonized, consistent, quick, and clear decisions” from regulators to allow European data to be “used to train AI models to benefit Europeans” among others. The open letter took a jibe at the recent decisions taken under the general data protection regulation (GDPR). “In recent times, regulatory decision making has become fragmented and unpredictable, while interventions by the European Data Protection Authorities have created huge uncertainty about what kinds of data can be used to train AI models.” – The Open Letter. This comes as social media giant Meta Platforms, parent company for Facebook, WhatsApp, and Instagram has been caught on the wrong side of the GDPR forcing it to pause plans to use data from users in Europe to train its AI models, following immense pressure from privacy regulators in the region. Meta however recently revealed it would resume training…

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Filed under: News - @ September 20, 2024 5:22 am