Tech Giants Take a Beating at FTC's AI Summit

"Will this be a moment of opening up markets to fair and free competition, unleashing the full potential of emerging technologies? Or will a handful of dominant firms concentrate control over these key tools locking us into a future of their choosing?" Federal Trade Commission Chair Lina Khan said Thursday.

January 26, 2024 at 06:52 AM

4 minute read

Antitrust

Maria Dinzeo

The original version of this story was published on Corporate Counsel

What You Need to Know

The FTC hosted a virtual summit Thursday focused on competition problems in the burgeoning AI industry.
The outlook is grim for new entrants into the market for chips and cloud computing services, and experts said it may be too late to level the playing field.
Undeterred, the FTC launched an inquiry Thursday into the investments and partnerships between AI developers OpenAI and Anthropic and tech titans Microsoft, Google and Amazon.

Dominant tech firms have the advantage when it comes to the data, chips and cloud computing infrastructure necessary to compete on the artificial intelligence playing field. But antitrust authorities are determined to level it.