Big tech shows uptick in market despite FTC concerns: Expert
Waddell & Associates CEO David Waddell says the technology, financial and industrial sectors are areas investors should consider in the market.
The European Union took a big step toward greater regulation of artificial intelligence with the publication of the European Commission's AI White Paper on Wednesday.
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The European Commission envisions greater certification and testing of AI systems in high-risk scenarios like health care, law enforcement and transport. Limits on facial recognition technology are at the forefront of the discussion.
"This is a very simple question, because we do it just the same way with for example cars or chemicals, or cosmetics, or toys," Commission President Ursula von der Leyen said on Wednesday. "They have to be tested and certified before they enter the Single Market."
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"To create these European Union data spaces and cloud infrastructure, we want to trigger investments of [4 to 6 billion euros]. The value of the data economy is enormous," von der Leyen said.
AI is an increasingly ubiquitous technology across the globe, and President Trump's proposed fiscal 2021 budget would double nondefense AI spending.
Europe's focus on regulating tech comes after France agreed to delay imposing a 3 percent tax on digital revenue generated by large tech companies, including American giants Google, Apple, Facebook and Amazon.