The European Union has reached a deal on comprehensive artificial intelligence (AI) laws, known as the AI Act, in order to regulate the development and risks associated with AI technology. The legislation bans harmful AI practices that threaten people’s safety, livelihoods, and rights. The law classifies AI uses by risk and increases regulation on higher risk levels, while banning the riskiest uses for AI. Limited risk systems are also subject to new transparency obligations under the law. The EU Commissioner for Internal Market, Thierry Breton, believes that the AI Act will provide a launchpad for EU startups and researchers to lead the global AI race. The mainstream success of OpenAI’s ChatGPT chatbot has led to an AI arms race and disruption in various industries, including education, art, music, and media. The companies behind generative AI technology, such as OpenAI, have also experienced growing pains, with leadership changes and controversies. Overall, the AI Act is being hailed as a balanced and human-centered approach to regulating AI, and is expected to set a global standard for years to come.