The most popular companies in tech are focused on AI right now for a reason. It’s the next frontier of computing. The European Union seems to consider AI the enemy. Any technology can be used for good or bad. By regulating it even before Europe has made much contributions (Europe has almost no tech companies leading in AI), it has stifled any potential innovation in AI from the start. Apart from the regulation itself, the optics of it make the EU look bad on a global scale. Why would tech founders move to Europe to start a business if the EU is actively positioning itself as Anti-AI? AI has gigantic potential to be used for good: think of the medical field for diagnosis of diseases, generally in programming (it helps programmers to create software faster/better), etc. This goes further than AI. The same applies to tech in general. It seems the EU is on a crusade against technology while not being able to compete in it itself. It feels a case of sour grapes: if we can’t build great technology in EU, nobody is allowed to do so! (source)