Artificial intelligence is becoming a critical competitive factor. Economic markets are increasingly being led by companies where artificial intelligence (AI) is calling the shots. But the race for competitive advantage is not just the domain of companies and organizations. Countries are also vying with each other for AI supremacy to strengthen their industries, protect national security, or solve societal challenges. In addition to the United States, the world leaders in AI adoption, research, and development include Asian countries such as China, Singapore, and South Korea.

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.

Aligned with the The General Data Protection Regulation (GDPR), the European promotion of privacy encompasses the protection of individual's data from both state and commercial entities. Whereas personal data is strictly protected both in the EU and in China from commercial entities, the state retains full access in China. Shocking to Europeans, this practice is readily accepted by Chinese citizens, accustomed to living in a protected society and have consistently shown the highest trust in their government. Chinese parents routinely have access to their children's personal information to provide guidance and protection. This difference goes back to the Confucian tradition of trusting and respecting the heads of state and family.

The rate of progress in the field of artificial intelligence is one of the most hotly contested aspects of the ongoing boom in teaching computers and robots how to see the world, make sense of it, and eventually perform complex tasks both in the physical realm and the virtual one. And just how fast the industry is moving, and to what end, is typically measured not just by actual product advancements and research milestones, but also by the prognostications and voiced concerns of AI leaders, futurists, academics, economists, and policymakers. AI is going to change the world -- but how and when are still open questions. Today, findings from a group of experts were published in an ongoing effort to help answer those questions. The experts include members of Harvard, MIT, Stanford, the nonprofit OpenAI, and the Partnership on AI industry consortium, among others, and they were put together as part of the second annual AI Index.

The price of oil has hit $70 a barrel for the first time since 2014. Brent crude, the international benchmark for oil prices, jumped after the Organisation of Petroleum Exporting Countries (OPEC) said it would continue to limit supplies.