The Impact of the 2024 Presidential Election on Artificial Intelligence
As the 2024 presidential election approaches, tech leaders are anticipating significant consequences for the artificial intelligence (AI) sector. According to EY’s latest technology pulse poll, 74% of 503 tech leaders believe that the outcome of the election will have a notable impact on AI regulation and global competitiveness.
While tech companies are planning to increase their investments in AI, the future growth of AI may depend on the election results. Respondents expect the election to primarily influence regulations related to cybersecurity/data protections, AI and machine learning, and user data and content oversight.
James Brundage, EY’s global & Americas technology sector leader, emphasizes the importance of finding a balance between supporting innovation and establishing necessary guardrails in areas like data privacy and national security.
Greater Investments in AI
Despite the election’s outcome, tech companies are committed to making significant investments in AI. These investments will target key areas such as AI-specific talent, cybersecurity, and back-office functions. Additionally, the majority of tech leaders plan to increase AI investments by 50% or more in the coming year.
After a challenging year in the tech market, companies are looking ahead to a promising 2025 with a focus on raising capital for growth and emerging technologies like AI.
Big Organizations Struggling with AI Initiatives
While many tech leaders report successful implementation of AI initiatives, challenges remain. Factors such as data quality issues and talent shortages can hinder the progress of AI projects, especially in larger organizations. Moving from proof of concept to full implementation poses real challenges like data governance and infrastructure.
How the Election’s Impact on AI Could Be Felt
Regardless of the election outcome in 2025, the regulatory landscape for AI is expected to continue evolving. Federal agencies like the FTC and DOJ are actively involved in shaping AI policy, alongside bipartisan legislative proposals. Tech leaders must anticipate measured changes in regulations over the next few years.
As the U.S. navigates a shifting geopolitical environment, tech companies need to adapt to new government policies and global competitive pressures. The competitive race to innovate and regulate AI has become a priority, requiring businesses to align with diverse regulatory approaches.
Wanted: AI Tech Talent Search Intensifies
With the growing integration of AI technologies, the demand for AI-specific talent is on the rise. Companies are reevaluating their workforce structures to accommodate this shift, with a focus on hiring and training for AI roles. Human capital efforts, such as training, will be a key focus of AI investments in the coming year.
AI’s Impact on National Security and Foreign Policy
The Biden administration’s AI-focused national security memorandum aims to ensure the U.S. maintains its leadership in AI development while upholding privacy and civil liberties. The memorandum outlines a governance framework for AI implementation and risk management to address potential AI-related risks.