EU Pressured to Delay AI Act as Tech Leaders Warn of Regulatory Overreach

European CEOs are mounting a last-ditch effort to stall the bloc's landmark AI legislation. Executives from Carrefour, Philips, and other major firms have petitioned EU Commission President Ursula von der Leyen for a two-year moratorium, arguing current draft rules WOULD cripple Europe's competitive position.

The controversial letter obtained by Financial Times claims overlapping regulations create "unclear rules" that threaten investment flows and technological development. Signatories warn the legislation jeopardizes both homegrown AI champions and traditional industries needing to adopt AI at global scale.

Pressure is intensifying from multiple fronts. US government officials joined Big Tech representatives in Brussels this week to review a softened draft of the AI Act. At stake are compliance guidelines for deploying foundation models like Meta's Llama and OpenAI's GPT-4 - originally due in May but now expected in diluted FORM before August implementation.