May 10, 2024

The EU is investing more in AI but still lags behind the US, which leads in AI development, according to the Information Technology & Innovation Foundation (ITIF). China is rapidly catching up, making significant progress in key areas. While the US maintains its lead, China has narrowed the gap by advancing in over half of the metrics analyzed. Meanwhile, the EU has only made progress in slightly more than a quarter of these metrics. Daniel Castro of ITIF emphasizes China’s prioritization of AI and urges the US and EU to respond to maintain competitiveness. The US leads in venture capital investment, but Europe is closing the gap. Europe excels in AI research, but the US maintains higher research quality. Brexit may diminish EU AI capabilities. The report recommends Europe enhance research incentives, while the US should increase support for AI research and talent development.

Source: AI Business – by Rachel England
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