European Union pledges $11.4 billion for seven AI gigafactories to close technology gap with US and China

The European Commission has announced a plan to provide 10 billion euros ($11.4 billion) in public funding to establish seven AI gigafactories across the bloc. This initiative aims to double Europe's current computing power and reduce its significant lag behind the United States and China in crucial artificial intelligence development sectors. The EU hopes this public financing will attract an additional 20 billion euros ($22.8 billion) in private investment.