On numerous lists of the most influential and valuable technology companies in the world, rarely do any European names appear at the top. Typically, the top 10 includes American big tech giants like Google, Microsoft, Meta, and Apple, as well as Chinese companies ByteDance (owner of TikTok), Alibaba, and Tencent. With the rise of artificial intelligence in the focus of investors and the wider public, the list of influential companies in AI is expanding to include some lesser-known names; however, European companies do not shine here either. Vedran Antoljak, owner of Best Advisory and an artificial intelligence consultant, recently compiled a list of the 30 most influential AI companies based on financial perspective, innovation, commercialization of AI, implementation, and impact, on which there is not a single company from the European Union in the top 10, while there are only a few European companies on the entire list.
The top ten spots are occupied by American companies Nvidia, Microsoft, Google, OpenAI, Meta, IBM, Amazon, Apple, and Intel. Following them are South Korean Samsung and Chinese companies Tencent, Baidu, Alibaba, and Huawei, as well as Anthropic (USA). Only in 17th place is the French company Mistral, followed by the German Aleph Alpha, American Perplexity, and German SAP. British DeepMind and Graphcore, as well as Romanian-American UiPath, are three more European companies that made it into the top 30.
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This fact indicates a significant gap between Europe and the leading world powers in the field of AI development and commercialization, especially the USA and China, claims Antoljak.
– First of all, European companies face a lack of financial resources compared to their American competitors. Venture capital in Europe is not as developed as in Silicon Valley, making it difficult for European startups and companies to raise significant funds needed for the development of advanced AI technologies. Another important factor is the regulatory environment. The European Union leads in regulating the technology sector, as evidenced by regulations such as GDPR and the upcoming AI Act. Although these regulations aim to protect citizens’ rights and promote ethical AI development, they simultaneously pose a barrier to rapid innovation, development, and implementation of AI. Companies must invest significant resources in compliance with these regulations, which can slow their development and competitiveness in the global market. Furthermore, the European market is fragmented compared to the unified markets of the USA or China. Despite the EU’s efforts to create a single digital market, linguistic and cultural differences between member states continue to pose a challenge for the rapid spread and scaling of AI solutions. Finally, there is also the problem of ‘brain drain’. Many talented European AI experts choose careers in the USA or other countries that offer better conditions and greater opportunities for innovation. This further complicates European companies’ ability to retain top talent needed for developing competitive AI technologies, explains Antoljak.
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Will Trump Accelerate AI Development in the USA?
In his LinkedIn post where he published the list, Antoljak highlighted that foreign investors in EU companies increasingly advocate for relocating AI companies’ headquarters outside the EU. He also mentioned that, according to announcements, newly elected American President Donald Trump could ‘liberalize AI in the USA’, which refers to expected changes in regulation and access to AI development under the new Trump administration.
– These changes would include reducing regulations set during the previous administration, especially those related to safety and ethical guidelines for AI development. Trump has announced plans to repeal the executive order on AI issued by President Biden, which emphasized the need for safe and responsible development of artificial intelligence. Instead, it is expected that the Trump administration will promote an approach that favors innovation and free markets, which could enable faster development and commercialization of AI solutions. This approach may result in increased investments in the AI sector, as reducing regulations could attract more investors and encourage tech companies to develop new products and services more quickly. In this context, it is expected that the Trump administration will support stronger collaboration with technology companies and encourage the development of the infrastructure needed for progress in AI, such as data centers and chip manufacturing, believes Antoljak.
Let us recall that after Kamala Harris‘ victory in the presidential elections, Trump announced that in his administration, Elon Musk would be responsible for a new ministry for ‘government efficiency’, after the richest man in the world supported him in the election campaign, both financially and with his influence. This is an example of Trump’s desire to surround himself with the most influential people in the technology industry, as Musk is the owner of companies Tesla, SpaceX, and X (Twitter).
However, liberalizing regulations can also bring certain risks, warns Antoljak, such as issues of data privacy, algorithmic bias, and system security.
– Critics of this approach warn that a lack of regulation could result in the development of technologies that are not sufficiently tested or that may have harmful consequences for society. The election of a new president in the USA can significantly impact the further development of artificial intelligence through changes in policy and regulation priorities. If Trump continues with the policy of deregulation, it could accelerate innovation and increase the USA’s competitiveness in the global context, especially in relation to China. On the other hand, if a balance between innovation and responsible development is not achieved, serious ethical and security issues could arise that could affect public trust in AI technologies. Additionally, the way the new administration shapes its policy towards artificial intelligence will have long-term consequences not only for the technology sector but for society as a whole. Balancing between promoting innovation and ensuring ethical development will be crucial for the success of the American AI sector in the future. Ultimately, if we add to this the new role of Elon Musk within Trump’s administration, we can expect much greater and broader support for innovation and entrepreneurship than we have seen in any country in the world so far. At the same time, we must not forget that the USA is still a leader in the development and commercialization of AI, concludes Antoljak.
