French President Emmanuel Macron has called on his country's AI leaders to challenge the “insane” dominance of US and Chinese tech giants.
Macron’s appeal comes amid a boom in French AI. Under the direction of OpenAI rival MistralThe country has developed into a European hotbed for artificial intelligence.
The mix of highly skilled talent, increased government support and growing investment flows has created fertile ground for startups.
Mistral, the darling of the industry, is barely a year old and is already reportedly aiming for a valuation of $6 billion. Another candidate for the French tech crown is H (formerly Holistic), which this week raised a whopping 220 million dollars in starting capital. The capital increase took place just a few months after the company was founded.
The <3 of EU technology
The latest gossip from the EU tech scene, a story from our wise old founder Boris and questionable AI art. Free in your inbox every week. Sign up now!
Macron described both companies as potential technology giants. However, Europe is currently still far behind the leading companies from the USA and China. None of the ten largest technology companies by market capitalization are based on the continent and only a few are represented in the top 50.
The French President condemned this landscape.
“It's crazy to have a world where the big giants only come from China and the United States,” he said in an interview with CNBC on Thursday.
“We need many more big European players and I think Mistral AI can be one of them.”
The 46-year-old also highlighted H's potential, pointing to the startup's impressive fundraising and decision to launch in Paris, but acknowledged that France still lags behind the US in terms of innovation and entrepreneurship.
To address this problem, Macron has cut red tape, relaxed labor protections and lowered taxes for the rich. He has also attracted foreign investment, including a €15 billion financing package from companies such as Microsoft and Amazon that he announced earlier this month.
Macron has also committed to a pan-European AI strategy. At a meeting in Elysee Palace This week he hinted at the first step of a new plan:
“Our goal is Europeanization [AI]and we will start with a German-French initiative.”
