00:00It's Benzinga, bringing Wall Street to Main Street.
00:02The European Commission proposed two new laws on Wednesday to reduce EU reliance on U.S.
00:06technology companies and advance technological sovereignty. The Cloud and AI Development Act
00:11and CHIPS Act 2.0 aim to boost domestic cloud, AI, and semiconductor industries.
00:16The Commission wants to double the EU's global semiconductor market share to 20% by 2030.
00:21The proposals include sovereignty requirements for cloud providers in sensitive sectors such
00:25as banking, energy, and healthcare, driven partly by concerns over U.S. laws allowing
00:29authorities to access data stored abroad. Critical public contracts would require EU-made software
00:33and hardware. The package also includes fast-track approval for data centers and updated chip
00:38manufacturing incentives. Both proposals must be negotiated with EU member states and the
00:42European Parliament before becoming law. For all things money, visit benzinga.com.
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