Key points from the joint statement included:

• Sovereign Decision-Making: While the legal powers and jurisdictions of the EU, UK, and U.S. differed, there was a common understanding that the challenges posed by AI technologies were global in nature.
• Technological Inflection Point: According to the statement, AI is rapidly evolving and holds significant potential benefits for innovation and economic growth; however, technological shifts can induce competitive risks that need to be managed.
• Risks to Competition: The statement outlined specific competitive risks associated with AI, such as the potential for a small number of companies to control key inputs (like specialized chips and data), which may create bottlenecks and limit innovation. There was also concern that large incumbent digital firms could use their existing market power to dominate AI-related markets.
• Principles for Protecting Competition: The authorities highlighted several principles to foster competition and innovation in AI, including fair dealing, interoperability and choice.
• Other Competition Risks: The statement also mentioned additional risks, including the potential for AI to facilitate price-fixing or collusion, unfair price discrimination, and exclusionary practices.
• Consumer Risks: The statement acknowledged that AI could exacerbate deceptive and unfair practices that harm consumers, such as privacy breaches.

In the statement, both the U.S. and international authorities vowed that they “will be vigilant of these and other risks that might emerge as AI technology develops further” and were “committed to monitoring and addressing any specific risks that may arise in connection with other developments and applications of AI, beyond generative AI.”