EU’s AI push to get $50 billion boost, EU’s von der Leyen says

Europe will invest an additional $51.5 billion to bolster the bloc’s artificial intelligence ambition, European Commission Ursula von der Leyen said on Tuesday.

It will come on top of the European AI Champions Initiative, that has already pledged 150 billion euros from providers, investors and industry, von der Leyen told the Paris AI Summit.

“Thereby we aim to mobilize a total of 200 billion euros for AI investments in Europe,” she said.

Von der Leyen said investments will focus on industrial and mission-critical technologies.

Companies which have signed up to the European AI Champions initiative, spearheaded by investment company General Catalyst, include Airbus, ASML, Siemens, Infineon, Philips, Mistral and Volkswagen.