Large tech CEOs claim that innovation may be harmed by Europe’s new AI law.

This week, executives from Amazon and Meta told CNN that some concerns about artificial intelligence are exaggerated and that the broad new AI regulations coming from the European Union run the risk of stifling innovation.

Tuesday, during the week that IT executives convened in Paris for the yearly Viva IT conference, saw the EU grant final approval to its AI Act.

This is a first-of-its-kind rule that will change the way businesses and other organizations use AI in Europe for anything from enforcement to healthcare choices. It forbids the use of technology in any way that is judged “unacceptable,” such as social scoring.

Additionally, the legislation mandates greater transparency on the applications of AI deemed to be “high-risk,” such as employment and education, and imposes additional disclosure requirements on major AI companies.

“Should research and development in AI be regulated?” is “the big question,” Yann LeCun, chief AI officer of Meta (META), believes about the new law.

Research and development is regulated in a number of ways, including the EU AI Act. At the Paris event, he told CNN’s Anna Stewart, “I don’t think it’s a good idea.”

Known as one of the “godfathers of AI,” LeCun disputes worries that artificial intelligence will soon eclipse human intelligence.

“I don’t think it’s even close,” he declared. “To be honest, I don’t think it’s that dangerous, especially not right now.”

He continued, “AI systems may grow significantly in intelligence in the future, but they will be built with the necessary security measures in place.”

However, it is similar to asking, “How do we make jet transport safe?” in 1925 to try to figure out how to make superintelligent AI systems in the future safe. He stated that jet transport had not yet been developed.

Werner Vogels, the chief technology officer of Amazon (AMZN), expressed similar worries that regulations pertaining to AI would hinder innovation in some fields.

He told Stewart that in evaluating risks, regulators should take into account how the new technology may be applied to other industries, such as finance and health care, rather than how it can be used to recap meetings.

He stated, “I think there are a lot of areas where the risks are low and we should let innovation run.” Risks should be addressed “uniquely for that particular area” in other contexts where errors could have a greater negative effect on people’s lives.

Vogels cautioned the EU against overregulating AI, citing the GDPR, the EU’s flagship data privacy regulation, as an example. Vogels called the GDPR a “thick” book.

He remarked, “Let’s make sure that companies can actually implement the regulatory requirements that we put in place, not just the largest company but every company in Europe.”

It is imperative that we ensure the perpetuation of innovation, extending beyond the borders of Europe. Europe has a long history of underfunding research and development, the speaker continued.