EU Launches €200 Billion InvestAI Initiative

At the AI Action Summit in Paris, European Commission President Ursula von der Leyen announced the InvestAI initiative, mobilizing €200 billion for AI development in Europe to compete with the US and China. This includes €50 billion in new funding on top of €150 billion already committed by private investors. The initiative will support AI gigafactories designed to foster collaboration between industry and academia, aiming to provide significant computing power for training complex AI models. Von der Leyen emphasized that Europe is not behind in the AI race and highlighted Europe's distinctive approach characterized by open-source collaboration. The initiative also aims to bolster Europe's AI infrastructure, aligning with France's commitment to invest €109 billion into its AI ecosystem. The EU's effort is seen as the largest public-private partnership for AI, focused on industrial and mission-critical applications.