In recent weeks, the emergence of the low-cost Chinese AI tool DeepSeek has caused investors to panic. The model created by DeepSeek rivaled those of top US tech giants at a fraction of the cost, leading some to question the massive investments in AI made by companies like Meta, Google, and OpenAI. Critics have even likened OpenAI to the overvalued WeWork of AI.
Despite this skepticism, EU leaders have announced plans to invest heavily in AI, with French President Emmanuel Macron revealing a €109 billion package and European Commission President Ursula von der Leyen outlining a €200 billion investment. However, doubts have been raised regarding the actual usefulness and profitability of generative AI, such as large language models like GPT-3.
Some experts argue that the EU should focus on exploring other forms of AI that may be more transformative and less plagued by reliability issues. The EU’s emphasis on generative AI, despite questionable real-world applications, mirrors past instances of getting caught up in hyped technologies, such as virtual reality and blockchain.
As Europe continues to follow US trends in technology without critically assessing the potential impacts, there is a risk of overspending on technologies that may not deliver the promised benefits. A more self-assured science and technology policy would involve asking tougher questions and not solely relying on flashy announcements from across the Atlantic.
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