Europe has US tech in its sights; it might miss

THE European Union’s (EU) US$15 billion hammer against Big Tech is nearing completion, with regulation on artificial intelligence (AI) coming into force just as AI winners such as Microsoft and Nvidia are testing financial markets’ patience after big investments.

New rules aim to heighten transparency and manage risks posed by the likes of deepfakes, while also promoting investment and innovation in a region lacking tech champions. Breaches mean fines of as much as 7 per cent of annual revenue.

But there is a risk these new rules only end up entrenching the transatlantic tech divide.