The AI race is officially underway! We're witnessing a global competition, with France launching its AI initiative just yesterday. Today, the EU has unveiled the InvestAI initiative, aimed at mobilizing €200 billion for artificial intelligence investment. Exciting times ahead…especially for us, lawyers.
InvestAI will have a layered fund offering different levels of risk and return. The EU budget will help reduce the investment risk for other partners. The initial funding for InvestAI will come from existing EU programs like the Digital Europe Programme, Horizon Europe, and InvestEU. Member States can also add funds from their Cohesion budgets. One of the pilot projects will focus on funding AI gigafactories, using a mix of grants and equity, as part of the strategic technologies outlined in the Competitiveness Compass.
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