Part 2/10:
As the European Union grapples with its regulatory stance on AI, the summit sought to recalibrate the continent's position in the field. Notably, 60 European companies signed the EU AI Champions initiative on the opening day, which aims to establish Europe as a leader in AI. Arthur Mench, CEO of the initiative, emphasized that the EU’s historically regulation-first approach has hindered corporate adoption of AI technologies. This sentiment was echoed by Janu Firstenberg from General Catalyst, who pointed out that a lack of standardization between different regulatory bodies complicates compliance and innovation.