To support artificial intelligence (AI) initiatives, Italy intends to establish an investment fund with a €1bn ($1.09bn) initial investment. 

Reuters reported that, supported by the state lender Cassa Depositi e Prestiti (CDP) through its CDP Venture Capital branch, the fund has the potential to secure an additional €2bn from the private sector.

This year, Italy hopes to utilise its presidency of the Group of Seven major democracies to highlight the effects of AI on inequality and employment while setting guidelines for future technological advancements.

Rome would establish a body to oversee and assist in the execution of the national AI policy as part of the legislation that is scheduled to be introduced in the coming weeks.

Furthermore, last month companies were told to be cautious against ‘AI washing’ in their claims about the technology, warned chairman of the US Securities and Exchange Commission (SEC), Gary Gensler, during a speech at Yale Law School.

Inspired by the term greenwashing, Gensler warned that companies must be honest about their AI strengths in company advertising and marketing materials.

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“We’ve seen time and again that when new technologies come along, they can create buzz from investors as well as false claims from the Professor Hills of the day,” stated Gensler, referencing the character Harold Hill in the movie Music Man who hides behind a professor title whilst acting as a salesman.

“If a company is raising money from the public, though, it needs to be truthful about its use of AI and associated risk,” he continued.

Gensler stated that the number of AI disclosures made by SEC registrants had drastically increased in the past few years.

He stated that any company that was found to be AI washing could be found guilty of violating the SEC’s rules.