CEO of the second-more-valuable tech business in Europe has “warned” the EU about AI legislation – CIO News

Another senior executive from a major tech business has cautioned European policymakers about the regulation of AI technology, stating that it could cause the block to lag behind China and the United States. The CEO of the German tech behemoth SAP, Christian Klein, suggested that Europe concentrate on the outcomes of AI technology.

Klein told the media that while it’s critical to reduce the threats posed by AI, it would be foolish to regulate the technology while it’s still in its infancy.

“It’s very important that how we train our algorithms, the AI use cases we embed into the businesses of our customers—tthey need to deliver the right outcome for the employees, for the society,” Klein was quoted as saying.

“If you only regulate technology in Europe, how can our startups here in Europe compete against the other startups in China, in Asia, in the US?” Klein added.

“Especially for the startup scene here in Europe, it’s very important to think about the outcome of the technology but not to regulate the AI technology itself.”

SAP just overtook ASML Holding NV as the most valuable tech business in Europe. ASML has surpassed SAP as of this writing. The increasing demand for SAP’s cloud-based solutions and AI applications is driving the company’s growth. The business just revealed a reorganisation strategy to further incorporate AI into its software products.

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The SAP CEO’s remarks followed Ericsson CEO Borje Ekholm’s and more than 40 other well-known industry leaders and researchers—including Daniel Ek of Spotify and Mark Zuckerberg of Meta—expressing grave worries about the European Union’s approach to regulating artificial intelligence.

They contend in an open letter that the EU’s disjointed and contradictory regulations are impeding the bloc’s ability to innovate and develop economically. The letter said that because of “inconsistent regulatory decision-making,” Europe “has become less competitive and less innovative compared to other regions.”

“This means the next generation of open source AI models, products, and services we build on them won’t understand or reflect European knowledge, culture, or languages,” the letter read.

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