EU lays out $11.4 billion for 7 AI gigafactories as it aims to catch up with US and China

The European Commission announced on Thursday that it is offering 10 billion euros, approximately $11.4 billion, in funding to support the construction of seven artificial intelligence gigafactories. This initiative aims to incentivize firms to establish large-scale AI infrastructure within the 27-nation bloc.

The investment is part of a broader strategic effort by the European Union to close the existing artificial intelligence development gap between itself and major global competitors, specifically the United States and China. By facilitating the creation of these facilities, the bloc seeks to strengthen its technological capabilities and improve its competitive standing in the global AI market.