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General1h ago

EU Pushes for Domestic Tech Industry

Fortune1 min brief

In brief

  • The European Commission announced plans to promote domestic cloud, AI, and semiconductor industries.
    • This move is part of the EU's 'Made in Europe' push.
  • The goal is to reduce dependence on global players like Google and Microsoft.
  • About 70 percent of the EU's cloud market is controlled by non-EU companies.
  • The EU's plan may have unintended consequences, such as limiting access to global technology and hindering innovation.
  • The EU will now switch to a French search engine, and some banks will use local cloud services.

Read full story at Fortune

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