EU lays out USD 11.4 billion for 7 AI gigafactories as it aims to catch up with US, China
The European Union is offering 10 billion euros (USD 11.4 billion) in funding for firms to erect seven AI gigafactories as it seeks to close the AI gap with the US and China, the 27-nation bloc’s executive said on Thursday.
The European Commission said it would like the public financing to draw an additional 20 billion euros (USD 22.8 billion) in private investment.
“Access to the raw scale of computing power within AI gigafactories is a strategic necessity for Europe as AI development accelerates,” said Henna Virkkunen, the Commission executive vice president overseeing tech sovereignty.
