The European Commission announced the mobilization of 200 billion (about $207 billion) for the InvestAI plan at the AI Action Summit in Paris on Tuesday, with the aim of enabling open and collaborative development of artificial intelligence in Europe. This was announced by Commission President Ursula Von der Leyen, who has also opened a new EU fund of 20 billion for AI gigafactories.The strategy will thus finance four future AI gigafactories in the European Union (EU), which will specialize in training the largest and most complex models. These facilities will have around 100,000 state-of-the-art chips, approximately four times more than the centers currently under construction.It is intended that companies of all sizes will have access to this computing power. These will have a focus on complex industrial and mission critical applications. Initial funding will come from different schemes, such as the Digital Europe Program and Horizon Europe and InvestEU.The Commission already announced the first seven AI factories in December and will soon follow with the next five, which will represent the largest public investment in AI in the world and, it hopes, will unlock more than 10 times the amount in private investment. A European AI Research Council will also be set up. Von der Leyen said, We want AI to be a positive and growth force. We are doing this through our European approach, based on openness, cooperation and excellent talent. But we still need to leverage it. Thats why this unique public-private partnership, similar to a CERN for AI, will enable all our scientists and companies, not just the biggest ones, to develop the cutting-edge large-scale models needed to make Europe an AI continent.