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Facebook CEO Mark Zuckerberg is meeting Europe’s competition chief in Brussels Monday, at a time when regulators in the region are preparing new rules that could impact the social network’s business.
The European Commission, the EU’s executive arm, is due to unveil new regulations on artificial intelligence (AI) Wednesday. Media reports suggest the EU could go as far as a temporary ban on the use of facial recognition. Facebook is one of many U.S. tech giants that have invested in A.I. Zuckerberg’s firm recently bought the British A.I. company Deeptide and the London-based computer vision start-up Scape Technologies.
Shares of Facebook are up by about 30% over the last 12 months.
Zuckerberg said in the Financial Times Sunday that private companies like Facebook need help from regulators in defining certain aspects of their work. Facebook’s chief has called for specific regulation when it comes to elections, harmful content, privacy and data portability.
Mark Zuckerberg has changed his tune somewhat. He has been looking at four different areas, he has been talking about things like election integrity, Wallis-Jones said, adding that Zuckerberg is trying to avoid, I think, looking at the competition and the taxation aspects, which are probably the most expensive.
Facebook and other big U.S. tech firms have been under pressure in Europe, but also to some extent in the United States. The Federal Trade Commission (FTC) said last week it would be examining prior acquisitions by Alphabet, Amazon, Apple, Facebook and Microsoft.
Wallis-Jones also told CNBC that on their own these acquisitions are not anti-competitive, “but if you look at pattern-behaviour maybe it does build them into something bigger.”
Apple CEO Time Cook has previously told that it acquires a company every two to three weeks on average, looking for talent and intellectual property.
Many new technology trends are particularly risky. But Artificial Intelligence arises primarily under the care of established names. A.I. will provide these companies with huge efficiency benefits without having to be a risky investment for investors. Many of these companies even pay a dividend. You are therefore paid to wait until the benefits of A.I. fully develop.