UK, EU, And US Release Joint Statement On Competition In Generative AI Foundation Models And AI Products

On July 23, the European Commission, US Department of Justice, US Federal Trade Commission, and UK Competition and Markets Authority released a joint statement setting out shared principles on competition in markets that deploy generative AI foundation models and other AI products.

Although the joint statement recognizes the immense potential for AI to benefit individuals, innovation, and the economy, it also enumerates risks that the authorities believe that further deployment of AI could pose to competition and consumers.

The statement lists primary potential risks to competition from generative AI: (i) concentrated control of key technology inputs for developing foundation models (specialized chips, substantial compute, data at scale, and specialist technical expertise); (ii) entrenched or extended power in AI-related markets where large incumbent digital firms already enjoy advantages; and (iii) incumbent firms using partnerships, investments, and