Tech firms, including Meta and Spotify, on Thursday warned the European Union (EU) about the risks of overregulating the AI sector, which would likely stifle innovation. In an open letter that was also endorsed by Italian luxury fashion brand Prada,

A group of companies including Meta and Spotify blasted the European Union Thursday for its "fragmented and inconsistent" decision-making on data privacy and artificial intelligence (AI).

Meta and other tech giants warn the EU's current AI regulations could stifle European innovation and economic growth.

The firms along with several researchers and industry bodies signed an open letter claiming that Europe was already becoming less competitive and risked falling further behind in the age of AI.