What if Europe championed new AI hardware?

Europe could gain competitive edge by supporting the development of new hardware for artificial intelligence (AI). Current state-of-the-art hardware is not optimised for machine learning, and both academic and private sector research is already leading to new designs. At the same time, the need for more time- and energy-efficient machine-learning hardware is increasing as more consumers and companies want access to machine-learning applications. The European Union (EU) has the opportunity to leverage its strong regulatory framework for AI products as a mark of trust and safety, while also investing to support the next generation of hardware, opening up a new market for Europe's high tech industry. What would happen if the EU formulated a cohesive plan to support these technologies through both research and economic policy?