EU chief von der Leyen announces 200 billion euro AI investment push

EU chief Ursula von der Leyen Tuesday announced a push to channel 200 billion euros in public and private investments into Europe's nascent artificial intelligence industry.

Ursula von der Leyen, President of the European Commission  said "Finally, computational power requires immediate, substantial financial capital. From both public and private. In this context, I welcome the European AI Champions Initiative that pledges 150 billion euros from providers, investors and industry.

And today I can announce that with our Invest AI Initiative, we can top up by 50 billion euros. So thereby, we aim to mobilize a total of 200 billion euros for AI investment in Europe. We will have a focus on industrial and mission-critical applications.

So thereby, we aim to mobilize a total of 200 billion euros for AI investment in Europe. We will have a focus on industrial and mission-critical applications. It will be the largest public-private partnership in the world for the development of trustworthy AI." Von der Leyen also announced that the EU would be putting its public supercomputers "at the service of the best startups and scientists."