What happened
Nicolai Tangen, head of Norway's sovereign wealth fund, articulated concerns regarding AI's potential to exacerbate societal divisions due to unequal access. He identified a concentration of AI power within a limited number of US-based companies, suggesting European regulations may divert innovation there. The fund is developing internal guidelines for AI adoption, aligning with its responsible investment framework, while simultaneously integrating AI to target a 10% productivity increase. Tangen emphasised the necessity of responsible AI development and comprehensive regulation.
Why it matters
The identified concentration of AI development and access within a limited number of entities introduces a significant operational constraint for procurement and platform operators, increasing dependency on external providers. This scenario raises due diligence requirements for compliance and risk management teams to navigate potential future market dominance and ensure equitable access to critical AI capabilities. Furthermore, the absence of comprehensive external regulation places an increased burden on internal governance and policy teams to establish and enforce responsible AI adoption frameworks, creating a potential accountability gap in broader societal impact.
