EU Approves Landmark AI Regulations, Virtual Machines Out, Cloud and AI In, Building an AI Strategy

May 24, 2024

22:12

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The European Union's approval of landmark AI regulations marks a significant milestone in the governance of artificial intelligence. These regulations represent the first comprehensive framework for AI governance, aiming to make AI more human-centric and placing restrictions on high-risk AI systems. The regulations include measures such as banning certain AI applications and requiring labels for others. The AI Act is expected to become law in May, with full regulations in effect by mid-2026. Violations of the AI Act can result in substantial fines, up to $38 million or 7% of a company's global revenue.

This development is crucial for businesses operating in the EU, as the regulations will apply to all companies offering AI models in the region. The EU's leadership in AI regulation sets a precedent for other regions and underscores the importance of ethical and responsible AI development. By implementing these regulations, the EU aims to ensure that AI technologies are developed and deployed in a manner that prioritizes human well-being and safety.

The approval of these regulations highlights the growing importance of AI governance and the need for clear guidelines to address the ethical and societal implications of AI technologies. As businesses continue to integrate AI into their operations, compliance with these regulations will be essential to navigate the evolving regulatory landscape and build trust with consumers and stakeholders.

Four things to know today

00:00 EU Approves Landmark AI Regulations: First Comprehensive Framework for AI Governance

03:34 AI Everywhere: Barracuda, GoTo, Dell, and HaloPSA Lead with AI Innovations in Partner and Customer Solutions

05:14 Virtual Machines Out, Cloud and AI In: John Deere and Computershare's Strategic Moves

06:42 Why Building an AI Strategy is Better Than Hiring a Chief AI Officer

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