PYMNTS.com July 24, 2024

Competition authorities from the United States, European Union and United Kingdom have joined forces to address potential antitrust issues in artificial intelligence (AI), while tech companies like Meta express concerns over stringent regulations in Europe.

In a rare joint statement, top officials from the three regions on Tuesday (July 23) outlined concerns about market concentration and anti-competitive practices in generative AI — the technology behind popular chatbots like ChatGPT.

“There are risks that firms may attempt to restrict key inputs for the development of AI technologies,” the regulators warned, highlighting the need for swift action in a rapidly evolving field.

This move comes as AI development accelerates, with major tech companies pouring billions into the technology. Microsoft’s $10 billion investment...

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Topics: AI (Artificial Intelligence), Govt Agencies, Regulations, Technology
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