As AI took center stage at 2024’s EmTech in London, many speakers talked about the rise of AI and some of the challenges faced by individuals, corporations, and governments. Among the fantastic innovations showcased in robotics and technical achievement are hard-hitting words from David Hogan, who heads the EMEA sales for Artificial Intelligence giant NVIDIA.
David Hogan has been at NVIDIA since the company was more well-known for supplying gaming cards to gamers rather than GPUs for Deep Learning and AI. Hogan worries that Europe is not doing enough in artificial intelligence and is falling behind countries like the US and China.
Anthony Finkelstein wants to keep the ‘surprise’ of AI but is concerned about over-regulation. Sir Anthony Finkelstein is the president of the City University of London, but most importantly has worked in artificial intelligence, is a professor of Computer Engineering, and is a former Chief Scientific Advisor to the UK Government.
Sir Anthony Finkelstein is concerned that the UK’s overregulation will strangle innovation in a developing field. He states that regulation is often not fit for purpose because it is created by “Geography Graduates” rather than technologists, who have a very poor understanding of the transformative technologies underpinning the AI revolution.
Will the Artificial Intelligence Act kill innovation in Europe?
The Artificial Intelligence Act, recently approved by Parliament, aims to regulate the use of artificial intelligence (AI) to ensure safety and compliance with fundamental rights and foster innovation within the European Union. Negotiated with member states in December 2023, the Act received overwhelming support from MEPs, highlighting its significance in safeguarding citizens’ rights and establishing Europe as a leader in AI technology.
The Act aims to ensure the responsible and transparent development and deployment of AI technology in Europe by banning specific harmful AI applications, imposing strict limitations on law enforcement use, and introducing obligations for high-risk systems. Dragoș Tudorache, who also spoke at the event, expressed his thoughts on the AI Act, which he was a significant part of developing. In my experience, I think many in the audience, from a personal level, might welcome safeguards, but the broader question remains of navigating innovation within AI, especially among competitor nations who may adopt a lighter regulatory stance.
Could it be that the European region overregulates too soon? Do we even know what the science is yet? Could we snuff out innovation across Europe and let other nations innovate, pushing countries like the UK further behind? How can we regulate something that we don’t know what it will be when it grows up?
Why doesn’t Europe have any Platform Technologies?
Europe isn’t asking itself enough tough questions about innovation: why do we have no platform technologies like Google, Meta, or LinkedIn? As the EU AI Act aims to protect rights, might it push innovation out of Europe? Where is the European Search Engine?
Will the same thing happen with quantum computing and artificial intelligence? Will quantum companies like PsiQuantum, who moved to the United States for a better investment culture, be the norm for innovative companies looking for investment, talent, and culture?
The London Stock Exchange has a lack of listings and little growth. It performed arguably worse than its European counterparts, and the North American market continues to attract the most innovative companies to its public markets. Some companies, such as Shell, are considering delisting from the London Stock Exchange, as they feel the environment is poor. Will innovators faced with a climate of restrictive regulation, poor investment climate, and frostiness toward innovation choose to remain in Europe, or will the relatively open door of America beckon?
The UK, especially, should not be short on innovation. Historically, the devices at Bletchley Park were the first electronic computers; the UK was home to Alan Turing and had some of the highest-ranked universities for its research. That begs the question: Why do we not see more native innovation on the shores of the UK and Europe?
EmTech Digital London, April 2024, hosted by MIT Technology Review.