OpenAI CEO, Sam Altman, has retracted his previous statement about potentially leaving Europe if complying with forthcoming AI regulations becomes too challenging, clarifying that OpenAI has no intentions of quitting Europe despite initially criticising the current draft of the EU AI Act as overly restrictive. Altman's initial statement had sparked criticism from EU industry chief Thierry Breton and other lawmakers.

Previously, OpenAI's CEO warned that the company might cease its operations in the EU if it cannot meet the requirements of upcoming AI regulations. Altman's main worry stems from the EU's classification of 'high-risk' systems, which might encompass OpenAI's large AI models such as ChatGPT and GPT-4. In recent weeks, EU lawmakers have introduced new provisions to the EU AI Act that pose potential challenges for AI systems.

Of particular significance is the requirement for companies developing generative tools to disclose copyrighted material employed in their system training -which OpenAI had refused to do. The purpose behind these proposals is to bolster transparency and cultivate trust within the industry. Considering the aforementioned proposals, OpenAI has expressed reservations about the practicality of adhering to these safety measures, primarily citing technical limitations as a significant factor to be taken into account.

In another announcement, Altman revealed that OpenAI would allocate$1 million to establish a fund to support experiments exploring practical AI software governance approaches. These grants will provide the necessary resources for conducting research and development in this crucial domain. Altman described these grants as a means of democratically deciding on AI systems.