Also: CEO pay, Toyota's battery breakthrough, Meta's legal loss. 
Good morning, Peter Vanham here on the old continent, filling in for Alan.
As most of the U.S. was enjoying a well-deserved holiday, I caught up with Brando Benifei, an Italian social-democrat, member of the European Parliament, and “co-Rapporteur” of the bloc’s A.I. regulation. I asked him if he shared Sam Altman fears that A.I. poses a “risk of extinction.” Here is what he said:
“The existential risks that Sam Altman speaks about are there. They should not be underestimated but not over-debated either. What we are concentrating on with [the EU’s A.I.] regulation is its impact on everyday life, the consumer and business that want to use A.I. to increase [their] productivity.”
When I pressed him on the matter, he got even more explicit:
“The real problems of today of people are other than eradication of civilization. We don’t appreciate this debate [on A.I.’s existential threat] if it distracts from the real debate of what consumers are facing in real life. Reality is about what happens today, not apocalyptic scenarios.”
The EU’s A.I. legislation, expected to be final by year-end, focuses not on apocalyptic scenarios but rather aims to “mitigate and correct risks [of A.I.] in areas of employment, critical infrastructure, administration of justice, the democratic process,” and “the safety and fundamental rights of people,” Benifei said.
For example, the EU legislation will target mass surveillance through biometric cameras, real-time predictive policing, and deepfake content used for defamation of citizens or politicians, he said. Another area of concern is potential discrimination in the labor market if A.I. is used in the hiring process. All these use cases would either be banned or “scrutinized,” he said.
But don’t call Benifei or his fellow legislators a Luddite—or a bureaucrat bucking innovation.
“We want A.I. to thrive and grow, with a maximum legal certainty and risk avoidance and support for developers and users alike. We have a clear legal framework in Europe. We think that A.I. can make people more emancipated, more free, and [that it can] increase productivity and opportunities. That is the main message from us.”
More news below.
Peter Vanham
peter.vanham@fortune.com
@petervanham
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CEO pay
Blackstone paid CEO Stephen Schwarzman $253 million last year, making him the highest-paid executive, according to data compiled by analytics company C-Suite Comp. Nine CEOs had pay packages over $100 million, a group that does not include Apple CEO Tim Cook, who earned a measly $99 million. Still, fewer CEOs are getting bumper compensation packages as companies trim equity awards for top executives. The Wall Street Journal
Toyota tech
Japanese carmaker Toyota claimed on Tuesday that it achieved a “technological breakthrough” that would cut the size and cost of its electric car batteries in half. The company hopes to commercialize its new solid-state battery technology by 2027. Toyota is trying to catch up in the electric vehicle market after losing ground to newcomers like Tesla and BYD. Financial Times
Meta court loss
Facebook owner Meta could lose its legal justification for providing targeted ads in the European Union, following a ruling by the Court of Justice of the EU on Tuesday. The CJEU backed a German order barring Meta from combining user data from Whatsapp, Instagram, and Facebook to provide tailored ads. Meta also faces a ban on exporting data on its European users to the U.S. Fortune
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The future of workforce well-being The concept of workforce well-being has grown beyond an organization’s current employees and now prioritizes long-term human sustainability, according to a Deloitte survey. And while 89% of executives said their company is advancing human sustainability in some capacity, just 41% of employees agree. So how might leaders take action to improve the well-being of their workforce? Explore insights here.
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