Major companies warn EU over AI regulation risks

I tend to agree with the concerns of these companies! It is too early for government to massively intervene. AI is developing too fast.  

The risk of stifling innovation by overburdening government can not be dismissed! Regulation rhymes with strangulation! 😊

There is little reason at this point for panic or alarmism! AI as e.g. a job killer is certainly an exaggeration if the history of past technological revolutions is any guide.

Caveat: I could not find this supposedly open letter!

"More than 150 leading companies warned the EU's plans to regulate artificial intelligence risk harming Europe's competitiveness and do not go far enough to tackle challenges, in a letter seen by AFP Friday. ...

The European Parliament earlier this month backed a draft law that will be the basis for the world's first comprehensive rules for AI.

It includes specific provisions for generative AI systems, such as ChatGPT and Dall-E, capable of producing text, images and other media.

The parliament and the EU's 27 member states will negotiate on the regulation before it is approved and the bloc wants to strike a deal by the end of the year. ...
"In our assessment, the draft legislation would jeopardize Europe's competitiveness and technological sovereignty without effectively tackling the challenges we are and will be facing," executives from France's Airbus, Peugeot and Renault, Germany's Siemens, and Facebook parent firm Meta said in the open letter to EU institutions.
They warned under the draft law, generative AI "would be heavily regulated" and that such regulation could lead "highly innovative companies" to move their activities abroad and investors withdrawing their capital from the development in Europe. ..."

Major firms warn EU over AI regulation risks