EU Approves Landmark AI Regulations, Virtual Machines Out, Cloud and AI In, Building an AI Strategy

The European Union's approval of landmark AI regulations marks a significant milestone in the governance of artificial intelligence. These regulations represent the first comprehensive framework for AI governance, aiming to make AI more human-centric and placing restrictions on high-risk AI systems. The regulations include measures such as banning certain AI applications and requiring labels for others. The AI Act is expected to become law in May, with full regulations in effect by mid-2026. Violations of the AI Act can result in substantial fines, up to $38 million or 7% of a company's global revenue.This development is crucial for businesses operating in the EU, as the regulations will apply to all companies offering AI models in the region. The EU's leadership in AI regulation sets a precedent for other regions and underscores the importance of ethical and responsible AI development. By implementing these regulations, the EU aims to ensure that AI technologies are developed and deployed in a manner that prioritizes human well-being and safety.The approval of these regulations highlights the growing importance of AI governance and the need for clear guidelines to address the ethical and societal implications of AI technologies. As businesses continue to integrate AI into their operations, compliance with these regulations will be essential to navigate the evolving regulatory landscape and build trust with consumers and stakeholders. Four things to know today 00:00 EU Approves Landmark AI Regulations: First Comprehensive Framework for AI Governance03:34 AI Everywhere: Barracuda, GoTo, Dell, and HaloPSA Lead with AI Innovations in Partner and Customer Solutions05:14 Virtual Machines Out, Cloud and AI In: John Deere and Computershare's Strategic Moves06:42 Why Building an AI Strategy is Better Than Hiring a Chief AI Officer   Supported by: http://skykick.com/mspradio/https://getinsync.ca/mspradio/   All our Sponsors:   https://businessof.tech/sponsors/    All our Sponsors:   https://businessof.tech/sponsors/ Do you want the show on your podcast app or the written versions of the stories? Subscribe to the Business of Tech: https://www.businessof.tech/subscribe/Looking for a link from the stories? The entire script of the show, with links to articles, are posted in each story on https://www.businessof.tech/ Support the show on Patreon: https://patreon.com/mspradio/ Want to be a guest on Business of Tech: Daily 10-Minute IT Services Insights? Send Dave Sobel a message on PodMatch, here: https://www.podmatch.com/hostdetailpreview/businessoftech Want our stuff? Cool Merch? Wear “Why Do We Care?” - Visit https://mspradio.myspreadshop.com Follow us on:LinkedIn: https://www.linkedin.com/company/28908079/YouTube: https://youtube.com/mspradio/Facebook: https://www.facebook.com/mspradionews/Instagram: https://www.instagram.com/mspradio/TikTok: https://www.tiktok.com/@businessoftechBluesky: https://bsky.app/profile/businessoftech.bsky.social