The new EU AI Act, is an Important move to Regulate AI. It focuses on Managing risks from High-risk AI systems and Encourages the Responsible use of AI, including Advanced GPAI models and GPAI systems, which uses Immense Computing Power. However, some Critics believe that the Act may not Fully Address risks, especially with GenAI based Chatbots and generated Multimodal content.

Businesses are now facing unexpected Challenges or Issues to avoid heavy Penalties as the new AI Act impose basic Principles and Obligations (e.g. on Fairness, Accountability and Transparency) upon all AI systems.

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https://hemantjuyal.medium.com/from-risk-to-regulation-the-eus-bold-new-move-on-ai-4a332b74e0ae