Europe plans $20 billion for AI gigafactories

The European Commission plans to raise $20 billion to build four "AI gigafactories" to enhance local AI development. This initiative aims to help Europe compete with the U.S. and China in artificial intelligence. Challenges include sourcing chips, finding suitable locations, and securing electricity for the factories. Experts express concerns about the practicality of the project, questioning how to utilize the AI models developed. Local firms, like France's Mistral, are expected to create AI models that comply with EU safety regulations. The success of this plan depends on overcoming existing obstacles in the industry.