ASML Exec: EU's AI Rules Driving Talent to Silicon Valley
Source: politico.eu
A top executive at Dutch chipmaking giant ASML is warning that the European Union's approach to regulating artificial intelligence is pushing talent and businesses toward Silicon Valley. He argues that the current regulatory environment stifles innovation.
Regulation Concerns
ASML's Chief Financial Officer Roger Dassen voiced concerns that the EU's focus on controlling AI through regulation is hindering its development in Europe. He suggested this approach is prompting AI professionals to seek opportunities in the United States.
Call for Pause
Dassen's remarks, made at a political event, add to the growing criticism of the EU's proposed AI law. ASML, a leading European tech firm, has actively campaigned for a temporary halt to the law's implementation. Earlier this year, company executives joined dozens of others in signing a letter requesting a two-year pause to reassess the regulations.
Investment and Influence
The company recently became the largest shareholder in French AI company Mistral through a €1.3 billion investment. This move strengthens ASML's position and influence in shaping the EU's policies related to AI businesses.
Lack of Protection
Dassen also raised concerns about the level of support and protection that Europe's major companies receive amid global political and economic tensions. He questioned whether companies like Airbus, Nokia, and ASML feel adequately protected by the EU in the face of competition from the U.S. and China.
Struggles for Access
ASML’s top lobbyist has previously noted the difficulty in engaging with EU politicians. He pointed out that securing meetings with senior officials in the White House is often easier than meeting with EU commissioners.
Capital Markets Union
Dassen urged the EU to finalize the capital markets union. This economic initiative aims to create a single market for capital across the EU, thereby improving access to funding for startups. He emphasized that while Europe excels at creating startups, it struggles to scale them into larger companies.