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🔆 The EU AI Act: Wait, Does This Apply to Us?!
Plus: OpenAI exodus to Anthropic, rocky week for the stock market, and more!
Sarah, Emma and Allegra at Lumiera.ai
August 08, 2024
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🗞️ Issue 30 // ⏱️ Read Time: 8 min
Hello 👋
Here we go! The EU AI Act is now here. Whether you're a tech giant developing cutting-edge AI or a small business using AI-powered tools, this Act will affect you. Find all this daunting? Lumiera has broken down the basics of the rules that now regulate AI across the EU and also looks at how this may impact your organisation in concrete ways. Keep reading to learn more!
In this week's newsletter
What we’re talking about: Since the 1st of August, there is now a set of rules on AI that everyone has to follow: The European Union's Artificial Intelligence Act (EU AI Act, or more simply the Act).
How it’s relevant: The Act impacts all businesses using AI that affects EU citizens. This means companies worldwide need to invest in understanding the Act, adapting their business practices to ensure compliance and maintain their ability to operate competitively in the EU market.
Why it matters: By understanding the Act's intentions and requirements, companies can not only ensure compliance but also position themselves at the forefront of AI innovation in their respective sectors. This will impact business strategy, set different standards for the market, and have a direct impact on products and other processes.
Big tech news of the week…
🖥️ Self-Compressing Neural Networks: This breakthrough AI technique shrinks neural networks by 97%, cutting training time and boosting speed without sacrificing accuracy.
🌍 The market had a rocky start to the week. Many investors have been concerned about the outsized influence on markets of just a small handful of tech stocks. Nvidia plummeted on Monday and rebounded on Tuesday.
⚖️ John Schulman, one of the co-founders of OpenAI, has left the company for rival AI startup Anthropic. In addition, OpenAI president and co-founder Greg Brockman is taking an extended leave and Peter Deng, product manager has also decided to leave the company.
📱AI assistant eases NHS pressure in cataract care. “Dora,” an automated voice system developed in Oxford, phones patients to ask questions, interprets their answers and identifies patients who need to be seen by a clinician.
The EU AI Act is Here
The Act is a set of rules that impacts AI systems and solutions that affect EU citizens. The EU’s goal for the Act is to strike a balance between fostering innovation and ensuring trustworthy AI development.
There are varying perspectives on this. Some view the Act as a potential roadblock to innovation, comparing it to setting up too many traffic lights on a highway. Others question whether regulation can truly foster trust in AI systems, and others are trying to figure out at which end of the Act to start when considering what it means for their business.