The upcoming French presidential election has the country’s thriving AI industry worried about potential setbacks:
- Polls suggest voters are leaning towards the far right or hard left, with campaign pledges that could negatively impact the AI industry’s talent pipeline and increase taxes.
- Under President Emmanuel Macron, France has become a hub for AI startups and attracted significant investments from tech giants like Google, Microsoft, and Meta.
- The election outcome could dramatically reshape the National Assembly and install a prime minister from either the far-right or left-wing coalition, leading to gridlock and uncertainty.
Mistral AI and the Macron era: Mistral AI, a prominent French AI startup, has benefited greatly from Macron’s support:
- Mistral’s ChatGPT equivalent, Le Chat, was met with high expectations and the company achieved a $6 billion valuation.
- Cédric O, a former digital minister in Macron’s government, is among Mistral’s co-founders.
- While Mistral has not commented publicly on the election, the company’s leadership has expressed concerns about the potential economic impact of the far-left and far-right coalitions.
Industry concerns and potential impacts: AI startups and industry groups are worried about the election’s effects on talent acquisition, foreign investment, and taxation:
- The far-right National Rally is seen as a threat to immigration, which the industry relies on to compete internationally.
- The left-wing coalition has pledged to reintroduce wealth taxes and tax “super-profits,” which could deter foreign investors.
- Some entrepreneurs are already considering leaving France or renewing their visas early in anticipation of more difficult immigration policies.
Broader implications: Despite the concerns, some industry insiders believe French AI has enough momentum to weather political headwinds:
- Entrepreneurs point to other moments of political chaos, such as Brexit, that industries have survived.
- Some believe that the more moderate politicians within the left-wing coalition will prevent extreme economic policies from being implemented.
- However, the uncertainty surrounding the election outcome has cast a shadow over the once-optimistic French AI industry, which now faces the possibility of a significant setback after years of growth and success under Macron’s leadership.
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