The European Union has unveiled a major AI investment initiative called InvestAI, aimed at competing with the United States and China. According to Wall Street Journal reporters Edith Hancock and Mauro Orru, the program combines 150 billion euros in private investments with 50 billion euros in EU funding over five years. European Commission President Ursula von der Leyen announced the plan at the AI Action Summit in Paris, highlighting the creation of AI gigafactories equipped with 100,000 advanced AI chips. The initiative includes a 20 billion euro fund specifically for these facilities, which will train complex AI models. Major investors including Blackstone, KKR, and EQT have committed to the private funding portion. The program follows recent AI investments by the US through the Stargate initiative and China’s advances in AI model development.