Attended by policymakers, technology innovators, industry experts, senior lawyers and economists, the Brussels Summit marked the first in a new series of transatlantic tech-focused thought leadership events hosted by Cornerstone Research.
The inaugural TEC Institute Summit was held on April 24, 2024, in collaboration with Cornerstone Research and the European University Institute's Centre for Digital Society. Policymakers, technology innovators, industry experts, senior lawyers and economists attended the event in Brussels to discuss key technological, regulatory and litigation trends relating to artificial intelligence (AI) and semiconductors.
Cornerstone Research established the TEC Institute to track today's major technology trends around the world. Our goal is to provide the highest quality economic analysis and establish ourselves as the most informed experts in the field.
Prominent organisations such as the European Commission (EC), Meta, Microsoft, Accenture and the Rotterdam School of Management sent representatives to the event which featured expert panels, question and answer sessions and fireside chats. Discussions were conducted under the Chatham House Rule.
For the conference agenda and full list of speakers, click here.
Brussels as a global policy and business centre
The Brussels Summit is the first in a new transatlantic thought leadership event series hosted by Cornerstone Research. The selection of Brussels as the venue for the TEC Institute's inaugural summit underscores Cornerstone Research's commitment to Brussels, a key global hub for policy and business discussions and a strategic location for the company's clients. Brussels remains at the forefront of evolving dialogue around AI, semiconductors, regulation and litigation.
TEC: Technology, Economics, and Competition
The goal of TEC Institute is to develop the most appropriate legal and economic frameworks and deepen understanding of technology trends and the current policy landscape. TEC Institute aims to impact global economic growth by representing the intersection of industry, policy and professional/academic communities.
The TEC Institute’s goal is to develop the most relevant legal and economic frameworks and provide a deeper understanding of technology trends and the current policy landscape.
Leaders around the world recognize the importance of developing effective innovation and competition policies. This priority is particularly evident in the European Union (EU), which has implemented the Digital Single Market and the Digital Markets Act (DMA) to foster innovation, ensure fair competition, and maintain control over emerging technologies. The TEC Institute is researching ways to achieve these complementary but challenging goals.
Key Insights and Takeaways
Kirti Gupta, chief global technology economist at Cornerstone Research and former chief economist at Qualcomm, played a key role in establishing the TEC Institute. Dr Gupta described the Brussels summit as:
Cornerstone Research founded the TEC Institute to track today's major technology trends around the world. As industry experts, we are here to address the critical issues facing the technology industry. The world is raising important policy and regulatory questions that we need to be aware of and prepared to answer. Our goal is to establish ourselves as the most informed experts in the field and provide the highest quality economic analysis.
Discussing the global semiconductor industry, Dr Gupta said, “The semiconductor shortage we all experienced during the pandemic has not been resolved,” adding that semiconductors are “the foundational technology that powers everything from AI engines to quantum computing.”
Dr. Gupta noted that plans are underway to reform semiconductor research and development on both sides of the Atlantic to fill the gap created by developers in the Asia-Pacific region. Participants at the TEC Laboratories Summit discussed various EU initiatives, such as the European Chip Act, which aims to help restore Europe's leading position in the development of key semiconductor technologies.
Gregor Langs, Vice President* at Cornerstone Research and head of the Brussels office, expressed the excitement felt by everyone at Cornerstone Research at the inaugural TEC Institute Summit. He said he was excited to launch a new series of high-level dialogue at the intersection of economics, politics, social issues and disruptive new technologies such as AI and semiconductors. Dr. Langs reiterated Cornerstone Research's commitment to Brussels, a key economic, regulatory and policy center and a key location for many of the firm's clients.
*Grecon SRL
Balancing regulation, competition and innovation
Pierre Luigi Parc leads the Centre for Digital Society at the European University Institute (EUI), Europe's largest postdoctoral social science research centre. The EUI focuses on four key principles for digital technologies and development: regulation, competition, democracy and innovation. EU competition policy is an area of focus for Dr Parc's team, with a particular focus on the intersection of competition frameworks and technological innovation in the public or private sector.
During a fireside chat during the conference, Dr. Palc spoke with Carlota Reiners Fontana, Directorate-General for Competition (DG COMP), European Commission, about the future of EU competition policy. As Reiners Fontana pointed out, the European Commission has two main instruments: the DMA and existing antitrust law. Using these instruments, the Commission can design, implement, maintain and preserve a clear, competitive and open framework. While recent fines demonstrate the Commission's determination to enforce competition policy, she stressed the Commission's intention to balance its regulatory approach and avoid overreach.
Building transparency and cooperation across borders and companies
All speakers at the summit emphasized the importance of an open environment for AI: Only through cooperation between regulators, competition authorities, innovators and global leaders can critical technologies such as AI and semiconductors be harnessed for the benefit of all of society.
Only through collaboration between regulators, competition authorities, innovators and global leaders can we harness critical technologies like AI and semiconductors for the benefit of all of society.
Norbert Meyer, principal* at Brussels-based Cornerstone Research, said he found the event informative, noting that “the members of the European Commission were very open-minded and welcomed the conversation.” He added that the number of experienced experts who attended the conference was “highly useful,” citing Dr. Gupta's talk on semiconductors and energy. [[Dr Ting XX]]offered “great perspective and a wealth of insight on two important topics.”
*E40 Europe Ltd.
Keynote: Diversity and the Future of AI
In his keynote address, E. Glen Weyl, founder of the Plural Technology Collaboratory at Microsoft Research, outlined three currently prevalent perspectives on competition policy: the American approach that emphasizes free-market dynamics; the European approach that prioritizes competition within clear regulatory confines; and the Chinese approach that features active state leadership. In Dr. Weyl's view, no single approach offers a clear path forward; the most effective future model of global cooperation will likely incorporate elements of all three systems.
Dr. Weil asked delegates to consider the following question: “What is your positive vision for the future of digital policy?”
Dr. Weil also highlighted Taiwan's g0v movement, which demonstrates the potential for an open-source, democratically designed system for public services. These efforts offer a glimpse into the future of economic, regulatory and competitive frameworks built on the same principles. Dr. Weil, who believes that technologies such as AI, if used “intentionally and proactively,” have the potential to “bridge our divisions and differences,” said this about the TEC Institute:
I look forward to hearing answers to questions about AI policy along with public investment in semiconductors at a time of great technological change. …[T]Public Sector [has a chance] It's about supporting the development and direction of a new era of technology in a way that hasn't been done in a long time. This kind of multi-sector collaboration is what built the internet.
Session Overview
Artificial Intelligence: Past, Present, and Future
The Summit's Artificial Intelligence panel explored the exciting possibilities of AI, highlighting both its potential benefits and inherent risks. Discussions focused on the profound impact of AI across a range of sectors, particularly healthcare and scientific discovery, and on advancing responsible development.
The panel acknowledged that AI has the potential to automate routine tasks and free humans for more creative endeavors. But important tensions emerged regarding regulation: some speakers emphasized the importance of open and accessible development, while others stressed the need for regulation to safeguard responsible use. The discussion highlighted the need to balance caution and urgency to avoid stifling progress, on the one hand, and the growth of unregulated and saturated markets, on the other.
Semiconductors Today: Geopolitics, Antitrust, and State Aid
Participants in the Semiconductor Panel discussed regulations affecting the industry, such as Foreign Direct Investment (FDI) and merger control. Speakers highlighted that the concentration of the industry with specialized companies that focus only on design or manufacturing has led to complex supply chains. The European Chip Act aims to stimulate domestic chip production, but concerns were raised about the complexities of financing, whether through the Act or FDI.
The future of technology policy
Dr. Weil concluded his speech by asking delegates to reflect on the following question for the remainder of the Summit and as they return to industry, policy and academia: “What is your positive vision for the future of digital policy?”
The views expressed here are solely those of the authors and do not necessarily represent the views of Cornerstone Research.
