Don’t expect much from the AI Summit in Paris

The shift to a “balanced conversation”, amid concerns that heavy-handed regulations could stifle innovation, suggests a troubling prioritisation of unchecked progress over genuine safety — another exercise in “champagne socialism” full of pronouncements but short on tangible outcomes. The global AI market is exploding from $214.6 billion in 2024 to a projected trillion by 2030. The Paris AI Summit, like its predecessors, risks being overshadowed by the immense power concentrated in the hands of a few Big Tech companies. The question remains: Will this benefit the public, or is it just another well-rehearsed spectacle?

Let’s be honest: The AI landscape is already carved up. A handful of tech behemoths — Microsoft, Alphabet, Amazon, Meta — wield unimaginable power, controlling the data, talent, and infrastructure. The summit organisers piously declare a desire to curb this concentration, but forgive me if I stifle a yawn. Asking these companies to voluntarily cede ground is like asking a fox to guard the henhouse. The AI ecosystem is rapidly becoming monopolised, with high entry barriers and anti-competitive practices threatening competition, innovation, and even security.

The “Magnificent Seven” tech stocks now make up nearly 35 per cent of the S&P 500 market cap and have driven over 70 per cent of returns since early 2023. Just five AI hyperscalers are projected to spend over $1 trillion in capital expenditure from 2024 to 2027, further solidifying their dominance. This isn’t just about market share; it’s about control over AI’s direction. The top 10 stocks in the S&P 500 account for over 40 per cent of R&D spending, meaning their priorities will inevitably shape the future. McKinsey estimates a $4.4 trillion opportunity in AI-driven productivity growth, while Goldman Sachs projects global AI investment nearing $200 billion by 2025. If this growth is captured primarily by a handful of companies, the benefits will be narrowly distributed, deepening existing inequalities.

The Paris AI Summit presents an opportunity to address these power imbalances. But without concrete action to curb Big Tech’s dominance, it risks becoming another exercise in futility — where AI’s future is determined not by public interest, but by the narrow ambitions of a few corporations.

And let’s not get started on the geopolitical posturing. The US, with its freewheeling, regulation-averse approach, is essentially betting that unbridled innovation will win the day. The EU, bless its bureaucratic heart, is trying to impose order with its AI Act, a move that may either save us from dystopia or strangle European innovation. Meanwhile, China is quietly but relentlessly building its AI capabilities, likely with far fewer ethical qualms. This summit, cloaked in the language of global cooperation, is just another battleground for these powers to jostle for position.

Prime Minister Narendra Modi co-chairing the summit adds another strategic layer, highlighting broader geopolitical ties and planned meetings to strengthen partnerships in technology, defense, and energy with France and the US. France, meanwhile, is leveraging the summit to boost its national tech industry, recently securing a $50 billion deal with the UAE to establish a major AI data centre.

With nearly 100 countries participating, the summit offers a platform for international collaboration. However, no new AI regulations are expected. Instead, the focus will be on technological advancements, economic integration, and AI’s strategic role in global markets. While discussions will cover various policy approaches, the summit is also a stage for countries to assert their AI ambitions and forge alliances. Whether genuine common ground can be found amidst competing interests remains to be seen. This is not just about AI; it’s about power, influence, and shaping a new world order.

Of course, there’s the obligatory nod to the Global South. We’re told that this summit will ensure AI benefits everyone, not just the privileged few. How touching. But is this genuine concern, or another cynical attempt by developed nations to expand their markets and spheres of influence by pushing AI onto countries that may not be ready for it? Are we truly empowering them, or simply creating new dependencies?

Historically, the Global South has been confined to producing primary commodities with little to no value added, leaving it stuck on the lower rungs of the global value chain. AI could exacerbate these inequalities, reinforcing existing power structures. The rush to integrate AI into education, technology, and linguistic preservation risks overlooking fundamental challenges: Infrastructure gaps, data privacy concerns, and the need for culturally-relevant AI solutions.

India, as co-chair, has an opportunity to take the lead on AI safety and ethics for the Global South. With its experience in bridging the digital divide through Digital Public Infrastructure (DPI), India could play a key role in ensuring equitable AI access. India’s Ministry of Electronics and Information Technology has already announced the AI Safety Institute (AISI) to set standards, frameworks, and guidelines — without acting as a regulatory body. This will join a global network of AISIs in the UK, Europe, China, Kenya, and beyond.

Ultimately, however, this Paris AI Summit feels like a choreographed performance. The right people will say the right things, and everyone will leave feeling like they’ve done their part to “shape the future”. But behind the smiles and handshakes, the fundamental power dynamics will remain unchanged. The rich will get richer, the powerful will get more powerful, and AI will continue to be shaped by those who control it.

So, raise a glass to the revolution — or, more likely, to yet another missed opportunity.

Das works at the intersection of economic development, artificial intelligence, and public policy. Views are personal.