FT column says Europe needs to mobilize more money for AI

In short: A Financial Times opinion column says Europe needs a much bigger, faster way to fund and roll out AI, or it will keep falling behind the US and China.

What's going on

The column argues that Europe often helps invent important technologies, but the US and China usually build the biggest businesses around them. It points to past examples like the World Wide Web and lithium ion batteries.

It says a similar pattern is happening with artificial intelligence. The most powerful major AI systems are being built and sold mainly by US companies, while China has produced several widely used “open” models, meaning models that are shared more freely so others can adapt them.

The writer says Europe does have strengths that could matter in the next few years. These include a strong base of researchers and early stage startups, plus an industrial economy that could use AI in areas like robotics (robots that work in the physical world).

The column highlights Finnish entrepreneur Peter Sarlin, who built and sold Silo AI for $665 million. His investment firm, PostScriptum, is backing newer AI startups and also looking at quantum computing. Quantum computers use unusual physics to solve certain problems, like a special kind of calculator that can be faster for specific tasks. Sarlin’s startup QuTwo is working on quantum processing units, which are chips designed for quantum systems.

What to watch

The column says the scale of Europe’s response is still far too small. It points to an estimate from Mario Draghi of an €800 billion yearly investment shortfall, and argues that business leaders and investors, not just governments, will need to put much more money into AI if Europe wants to keep control over its economy, security, and rules around privacy.

Source: Financial Times