China and Europe are leading the push to regulate A.I. -- one of them could set the global playbook

The European Union is also hammering out its own rules. The AI Act is the next major piece of tech legislation on the agenda in what has been a busy few years. In recent weeks, it closed negotiations on the Digital Markets Act and the Digital Services Act, two major regulations that will curtail Big Tech. The AI law now seeks to impose an all-encompassing framework based on the level of risk, which will have far-reaching effects on what products a company brings to market. It defines four categories of risk in AI: minimal, limited, high and unacceptable.