Europe’s firms fall far behind in the race to create big tech
The Wall Street Journal reports that the big tech industry is growing – but Europe is falling behind.
The continent lacks “homegrown alternatives to the likes of Google, Amazon or Meta” and notes that Apple’s market value is bigger than the entire German stock market.
“The continent’s inability to create more big technology firms is seen as one of its biggest challenges and is a major reason why its economies are stagnating.”
The paper says “Having largely missed out on the first digital revolution, Europe seems poised to miss out on the next wave, too.” It notes that the US and China are both “flush” with venture capital and government funding and are spending heavily on AI.
The front page of the Wall Street Journal:
- Young children attended an event at the White House – they are pictured with the US First Lady.
- Europe is struggling to innovate and create new businesses.
- Google is using artificial intelligence to improve search results.
- Migrants are facing job displacement due to automation.
- US Customs is reconsidering its approach to facial recognition technology.
- Companies are adopting sleep accessories that evoke horror.