2024 was a landmark year for artificial intelligence, with significant developments that are reshaping the tech landscape and raising critical questions about its future. From sweeping regulatory changes to intense legal battles involving Big Tech, AI’s role in society has never been more prominent. In one corner, the European Union made history by implementing the groundbreaking AI Act, setting a global precedent for AI governance. Here’s a closer look at the key developments that defined 2024:
1. AI Gets a Rulebook: The European AI Act Becomes Law
On August 1, 2024, the European AI Act officially came into force, marking a global milestone in AI regulation. The Act focuses on transparency, accountability, and banning high-risk AI uses. It categorizes AI applications into risk levels, setting new standards for safety and ethics. Europe now leads the way in shaping global AI governance. Tech companies worldwide are adapting to these groundbreaking guidelines.
2. Big Tech on the Stand: 2024 Antitrust Showdowns
In 2024, major tech giants like Google, Amazon, and Meta faced intensified scrutiny over antitrust and anti-competitive practices.
- The U.S. FTC filed new lawsuits targeting monopolistic behaviour in AI and cloud services against Meta. It alleges that the company maintained a monopoly on social media by acquiring Instagram in 2012 and WhatsApp in 2014.
- In Europe, hefty fines were imposed under the Digital Markets Act. Apple became the first big tech to face scrutiny under this act.
- India’s Competition Commission also launched investigations into Google’s anti-trust practices affecting local startups. These cases filed by the Alliance of Digital India Foundation (ADIF) sparked debates about fair competition and innovation in the tech ecosystem.
- Billionaire entrepreneur Elon Musk expanded his lawsuit against ChatGPT maker OpenAI, adding federal antitrust and other claims and adding OpenAI’s largest financial backer Microsoft (MSFT.O), opening a new tab as a defendant.
3. Deepfake Democracy? The Rise of AI Manipulation in Elections
Deepfake technology created waves in global elections in 2024, amplifying misinformation campaigns. In the U.S., AI-generated videos falsely depicting candidates sparked widespread controversy and urgent calls for regulation. Similarly, in India, doctored speeches influenced voter sentiment during key state elections. Governments worldwide struggled to contain the spread of hyper-realistic fakes, with platforms like X (formerly Twitter) and Meta under fire for insufficient moderation. This alarming trend highlighted the urgent need for AI transparency and public education to safeguard democratic processes.
