Welcome to episode #129 of Eye on AI with Alexandra Geese. Navigating the complex waters of the European Union’s AI Act is no simple task. Yet, that’s exactly what Alexandra Geese, a member of the European Parliament, and I venture to do in this conversation. Alexandra’s insights into the AI Act, its four defined categories of AI applications, and its current negotiation phase with the European Council and the European Commission are illuminating. We delve into the Act’s essential mission: ensuring AI serves humanity, while also exploring the influence of powerful players in the AI industry on the EU’s legislation. As our journey deepens, we tackle a range of crucial issues underpinning the Act. Alexandra and navigate through potential economic implications for those who rely on copyright legislation, and the risk of Europe falling behind in AI implementation if the Act is too restrictive. We also touch on the involvement of major American AI firms in the Act’s finalization process, and implications for copyrighted material. We dive into the ongoing debates shaping the legislation and the enforcement of the law, once passed. Alexandra shares her thoughts on potential fines for violations, different AI zones, and the possibility of the US following Europe’s lead in AI legislation. We wrap up with a deep reflection on the environmental impact of AI, the power held by few companies, and our collective responsibility as AI reshapes the world.   (00:00) Preview (00:52) Introduction   (03:10) Alexandra Geese background in digital legislation (04:00) The AI act: the explanation and details   (08:00) The foundations of corporations for AI regulation (13:00) Copyright regulation and impacts of creativity    (17:00) We need AI that serves humanity   (21:30) Are foundation models high risk to society?   (25:00) Should people be worried about investing in AI? (30:45) What is dynamic AI regulation? (36:10) What is the timeline for AI regulation?  (38:50) What penalties will be applied to AI regulation? (44:30) Will US & EU merge on AI regulation? (50:30) How to solve AI hallucinations     Craig Smith Twitter: https://twitter.com/craigss Eye on A.I. Twitter: https://twitter.com/EyeOn_AI