TLDR:
– The European Union passed the new AI Act, which will regulate artificial intelligence models.
– U.S. tech giants, such as Meta, may be impacted by the new law.
The European Union has implemented the new AI Act, which experts believe will have significant implications for U.S. tech giants. The law, originally proposed in 2020, requires companies to conduct risk assessments on their artificial intelligence models and maintain documentation on datasets, activity logs, and bias. Models deemed “unacceptable” by regulators, such as predictive policing systems and emotional recognition models, will be banned. Companies that do not comply could face fines of up to $41 million or 7% of their annual revenues.
Mark Zuckerberg’s Meta has already made moves to restrict some AI products in the EU, but the full impact of the AI Act on tech giants remains to be seen. The law applies to any organization with operations or impact in the EU, meaning it will likely affect companies globally.