Over 60 European companies have united in the EU AI Champions Initiative. The partnership aims to strengthen Europe’s AI position by coordinating technology, industry, capital and policy. €150 billion will be made available over the next five years.
The initiative was unveiled at the AI Action Summit in Paris. Over two days, the aim is to shape plans for the future of AI, of which the EU AI Champions Initiative is a part. Thanks to the initiative, mobilizing talent and capital should strengthen Europe’s competitive position in AI.
With the commitment of more than 20 international investors to collectively invest €150 billion in AI-related projects in Europe over the next five years, our region should accelerate in the coming time. The initiative aims to focus on concrete applications of AI in several established sectors in Europe. For example, healthcare, energy and manufacturing should benefit.
Broad support
The participating companies want to work constructively with the European Commission to create a simplified regulatory framework, achieving local innovation and global leadership. Participating parties include major tech companies from our region. For example, ASML, SAP, Siemens, Mistral AI, Orange, and Dataiku are participating.
“The EU AI Champions Initiative represents an important step in uniting industry leaders to ensure Europe remains at the forefront of AI-driven advancements. By fostering collaboration between technology, industry, and policymakers, we can unlock unprecedented opportunities for economic growth, competitiveness, and global leadership,” said ASML CEO Christophe Fouquet.
The timing of this initiative is crucial as the battle to become an AI leader heats up. For example, the U.S. recently developed the decent plan Stargate, which will involve $500 billion to strengthen AI infrastructure.
Tip: 500 billion Stargate AI infrastructure puts U.S. in strong position