EU and US unshackle regulations in quest for growth, and is the AI bubble about to burst? Not yet, says Nvidia
Hello, and welcome to TechScape. I’m your host, Blake Montgomery, writing to you from an American grocery store, where I’m planning my Thanksgiving pies.
In tech, the European Union is deregulating artificial intelligence; the United States is going even further. The AI bubble has not popped, thanks to Nvidia’s astronomical quarterly earnings, but fears persist. And Meta has avoided a breakup for a similar reason as Google.
The hundreds of billions of dollars being spent on AI are overwhelming Europe’s commitment to digital privacy and stringent tech regulation. The EU’s AI Act and General Data Protection Regulation (GDPR) law are being delayed and weakened, respectively. Former Italian prime minister Mario Draghi had warned a year ago that Europe had fallen behind the US and China in innovation and was weak in the emerging technologies that would drive future growth, such as AI. Others, including the EU’s economy commissioner, agreed with him.
My colleague Jennifer Rankin reports on Brussels’s quest for growth:
