The EU has reached an agreement on a deal to regulate artificial intelligence with the AI Act.
The act introduces rules for the use of AI systems and provides oversight for large language models.
It also includes a provision for national-level regulatory sandboxes to support local AI companies.
The AI Act has the potential to reshape the competitive landscape in the AI sector and create a nurturing space for European AI platforms.
Europe has no global cloud computing company, and the most important digital infrastructure in Europe is built and operated by US companies.
The AI revolution is still in its early stages, and there is an opportunity to build Irish winners.
Government initiatives and resources are needed to enable Irish companies to compete globally in AI.
The AI Act's provision for real-world testing and government contracts can offer local opportunities.
Europe has the competence to build data centers quickly and can provide preferential access to compute resources.
The author's company, Hopsworks, was founded in Sweden but prefers to work and live in Europe.
Despite stretched budgets, the EU has approved significant state aid to support various initiatives.
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