Almost half of Europeans don't trust tech companies rolling out frontier technologies like artificial intelligence. This distrust is likely driven by concerns over data privacy, job displacement, and the potential risks associated with emerging technologies.
As AI continues to advance, Europeans are increasingly worried about how their personal data is being used and protected by tech companies. The rise of AI and automation has also sparked fears about job losses and the impact on employment.
Europe has its own tech stars, such as SAP, a German software power that has seen significant growth in cloud revenue, and ASML, a Netherlands-based company that's a near-monopolist in machines that make advanced semiconductors. Other notable companies include Infineon Technologies, an Internet of Things pioneer, and Mistral AI, a French AI startup that's building foundational models.
Despite these successes, Europe faces challenges in catching up with the US in terms of tech innovation. Estimates suggest it would cost around $323 billion to achieve digital sovereignty. However, the region has a solid foundation of engineers, favorable job market conditions, and government support for startups, which could help it rival US technology in the future.
