President Macron announces €109 billion in investment plans during AI summit in France.

The European Union AI Champions Initiative, a coalition of over 60 European businesses, has pledged to enhance artificial intelligence adoption across various industries, aiming to establish Europe as a global leader in AI development.

The initiative - which seeks to mobilize talent and capital, accelerate AI implementation in established industries, and strengthen European companies' competitiveness - has secured €109 billion in investment for AI projects in France, French President Emmanuel Macron said on the first day of the AI Action Summit in Paris on 10-11 February.

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Participants include Airbus, Axa, BNP Paribas, Cradle, Dassault Systèmes, Dataiku, Deutsche Bank, EDF, E.ON, Exor, Helsing, Heineken, Henkel, L’Oréal Groupe, Lufthansa, Mercedes-Benz, Mistral AI, On, Orange Group, Photoroom, Porsche, Publicis, Saab AB, Siemens, Spotify, TotalEnergies, United Internet, Volkswagen Group, Wallenberg Investments, ZF, and many more, according to a press release issued by the group.

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In addition, more than 20 international key capital allocators have earmarked €150 billion for AI-related opportunities in Europe over the next five years, such as Abu Dhabi’s MGX Fund, a United Arab Emirates investment vehicle, and Canadian asset manager Brookfield.

The E.U. AI Champions Initiative is a response to the United Statesț $500-billion infrastructure program called Stargate, which American tech giants are building under the leadership of OpenAI and SoftBank, with funding from Google, Amazon, Microsoft and Meta among the biggest investors.

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