EU parliament approves landmark AI regulation

The European Parliament passed the Artificial Intelligence (AI) Act with the support of 523 lawmakers in Strasbourg, France. The passing of this regulation came after the excitement generated by OpenAI's ChatGPT, which showcased human-like capabilities in late 2022. The AI Act is a far-reaching regulation aimed at regulating the development and use of artificial intelligence technology. Microsoft-backed OpenAI's ChatGPT arrival was a catalyst for the European Union to expedite the passing of this legislation. Big tech companies generally support the need for regulations in the field of AI while lobbying to ensure any rules work in their favor. Forty-six lawmakers voted against the proposal. The AI Act is expected to serve as a global signpost for governments dealing with the regulation of AI technology.