Attended by policymakers, technological innovators, industry experts, senior lawyers and economists, this Brussels summit marked the first in a new transatlantic series of technology-focused thought leadership events facilitated by Cornerstone Research.
The inaugural TEC Institute Summit took place on 24 April 2024, organised in collaboration with Cornerstone Research and the European University Institute’s Centre for a Digital Society. Policymakers, technological innovators, industry experts, senior lawyers and economists attended the Brussels event to discuss critical trends in technology, regulation and litigation for artificial intelligence (AI) and semiconductors.
Cornerstone Research established the TEC Institute to track today’s major technology trends around the world. Our goal is to position ourselves as the most well-informed experts in the field, delivering the highest quality economic analysis.
Notable organisations, including the European Commission (EC), Meta, Microsoft, Accenture and the Rotterdam School of Management, sent delegates to the event which featured expert panels, Q&A sessions and fireside chats. Discussions were held under Chatham House Rule.
Click here for the conference agenda and full list of speakers.
Video Overview
TEC Institute Summit 2024 Summary Highlights
Brussels as a Global Policy and Business Hub
The Brussels summit marked the first in a new transatlantic series of thought leadership events facilitated by Cornerstone Research. The choice of Brussels as the location for the TEC Institute’s inaugural summit underscores Cornerstone Research’s commitment to the city as a vital global hub for policy and business discussions and a strategic location for the firm’s clients. Brussels remains at the forefront of evolving conversations about AI, semiconductors, regulation and litigation.
TEC: Technology, Economics, Competition
The goal of the TEC Institute is to create the most relevant legal and economic framework and provide a deeper understanding of technology trends and the current policy landscape. Representing the intersection of industry, policy and expert/academic communities, the TEC Institute seeks to influence global economic growth.
The goal of the TEC Institute is to create the most relevant legal and economic framework and provide a deeper understanding of technology trends and the current policy landscape.
Leaders around the world recognise the importance of creating effective innovation and competition policies. This priority is particularly evident in the European Union (EU) which has implemented the Digital Single Market and the Digital Markets Act (DMA) to encourage innovation, ensure fair competition, and maintain control over emerging technologies. The TEC Institute examines how to achieve these complementary and challenging goals.
Key Insights and Takeaways
Kirti Gupta, Cornerstone Research’s Chief Economist of Global Technology and former Chief Economist at Qualcomm, has played a large role in launching the TEC Institute. Dr Gupta opened the Brussels summit with this observation:
Cornerstone Research established the TEC Institute to track today’s major technology trends around the world. As industry professionals, we are all here to address the key issues facing the tech industry. The world is posing some key policy and regulatory questions that we need to be aware of and be prepared to answer. Our goal is to position ourselves as the most well-informed experts in the field, delivering the highest quality economic analysis.
In discussing the global semiconductor industry, Dr Gupta said that “the shortage of semiconductors, which we all experienced during the pandemic, has not been resolved.” Semiconductors, she added, are “the foundational technology that powers everything, from AI engines to quantum computing.”
To close the gap that developers in the Asia-Pacific region have established, Dr Gupta noted that plans are underway on both sides of the Atlantic to revamp semiconductor R&D. TEC Institute Summit participants discussed various EU initiatives, such as the European Chips Act, which aim to help Europe reclaim its leadership position in developing critical semiconductor technologies.
Gregor Langus, a vice president* at Cornerstone Research and head of the firm’s Brussels office, expressed the excitement felt by everyone at Cornerstone Research at the inaugural TEC Institute Summit. He noted that the firm is thrilled to launch a new series dedicated to high-level conversations at the intersection of economics, politics, social issues and transformative new technologies like AI and semiconductors. Dr Langus reiterated Cornerstone Research’s commitment to Brussels as a critical economic, regulatory and policy centre and an important location for many of the firm’s clients. *GLECON SRL
Balancing Regulation, Competition and Innovation
Pier Luigi Parcu leads the European University Institute’s (EUI’s) Centre for a Digital Society, Europe’s largest postdoctoral social science research centre. EUI focuses on four key tenets of digital tech and development: regulation, competition, democracy and innovation. EU competition policy is an area of focus for Dr Parcu’s team, particularly the intersection of competition frameworks and technological innovation in the public or private sectors.
In a fireside chat during the conference, Dr Parcu spoke with Carlota Reyners Fontana of the EC’s Directorate-General for Competition (DG COMP) about the future of EU competition policy. As Ms Reyners Fontana noted, the Commission has two main tools at its disposal: the DMA and pre-existing antitrust instruments. Using these tools, the Commission can design, implement, maintain and uphold clear, competitive and open frameworks. While recent fines demonstrate the Commission’s determination to enforce competition policy, she emphasised its intention to strike a balance in its regulatory approach and avoid overreach.
Building Transparency and Cooperation across Borders and Businesses
All speakers at the summit emphasised the importance of an open environment for AI. Only through cooperation among regulators, competition authorities, innovators and global leaders can critical technology like AI and semiconductors be harnessed for the collective good.
Only through cooperation among regulators, competition authorities, innovators and global leaders can critical technology like AI and semiconductors be harnessed for the collective good.
Norbert Maier, a Brussels-based principal* at Cornerstone Research, found the event informative, noting that “members of the European Commission were very open-minded and embraced the conversation.” He added that the substantial number of highly experienced experts who attended the conference was “extremely beneficial,” noting that Dr Gupta on semiconductors and Dr Ting Li on AI provided “great perspective and rich insights on two key topics.” *E40 EUROPE LTD.
Keynote: Plurality and the Future of AI
In his keynote address, E. Glen Weyl, founder of the Plural Technology Collaboratory at Microsoft Research, outlined three prevalent competition policy perspectives: the American approach, emphasising free market dynamics; the European approach, prioritising competition within clear regulatory boundaries; and the Chinese approach, featuring active state guidance. In Dr Weyl’s view, no single method provides a clear path forward. The most effective future model for global cooperation will likely incorporate elements from all three systems.
Dr Weyl asked delegates to consider the following question: “What is your positive vision of the future of digital policy?”
Dr Weyl also highlighted Taiwan’s g0v movement, which demonstrates the potential for open-source, democratic-by-design systems for public services. Such initiatives offer a glimpse into a possible future for economic, regulatory and competition frameworks built on the same principles. Dr Weyl, who believes that technology such as AI has the potential “to bridge our divides and differences” if used “deliberately and proactively,” had this to say about the TEC Institute:
I am excited to hear answers to questions about AI policy, together with public investment in semiconductors, at a moment of huge technical change. …[T]he public sector [has a chance] to support the development and direction of technology in a new era in a way that it hasn’t in a long time. That sort of multi-sectoral collaboration is what built the internet.
Session Summaries
Artificial Intelligence: Past, Present and Future
The summit’s artificial intelligence panel explored the exciting possibilities of AI, highlighting both its potential benefits and inherent risks. Discussions centred on navigating responsible development, with a focus on AI’s significant impact across various fields, particularly healthcare and scientific discovery.
The panel acknowledged AI’s potential to automate routine tasks, freeing humans for more creative endeavours. However, a key tension emerged regarding regulation. While some speakers emphasised the importance of open and accessible development, others stressed the need for regulations to safeguard responsible use. The discussion underscored the need to strike a balance between caution and urgency, to avoid hindering progress on the one hand, and prevent the growth of an unregulated, oversaturated market on the other.
Semiconductors Today: Geopolitics, Antitrust and State Aid
Semiconductor panel participants discussed regulations affecting the industry, such as foreign direct investment (FDI) and merger control. Speakers highlighted the industry’s concentration, with specialised companies focusing solely on design or manufacturing, leading to a complex supply chain. The European Chips Act aims to revitalise domestic chip production, but concerns emerged about the complexity of obtaining funding, whether through this act or FDI.
The Future of Technology Policy
In closing his remarks, Dr Weyl asked delegates to consider the following question through the rest of the summit and in returning to their industry, policy and academic communities: “What is your positive vision of the future of digital policy?”
For undergraduates and graduate students or degree holders: Please choose the appropriate link below if you are applying to roles based in the US or in the UK. Please note US based students will not be considered for UK job openings. We look forward to learning more about you!
Apply for the Associate Position
For M.B.A. and Ph.D. students or degree holders: Please choose the appropriate link below if you are applying to roles based in the US or in the UK. We look forward to learning more about you!
Apply for Corporate/Administrative Positions
Cornerstone Research offers a variety of exciting corporate and administrative roles across our nine locations. View our open positions in the United States (US) or the United Kingdom (UK) by selecting the applicable country below. We look forward to learning more about you!
We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept All,” you consent to the use of all cookies. To learn more, consult our Cookie Statement.
This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
Cookie
Duration
Description
AWSELB
session
Associated with Amazon Web Services and created by Elastic Load Balancing, AWSELB cookie is used to manage sticky sessions across production servers.
cookielawinfo-checkbox-analytics
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-functional
11 months
The cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-necessary
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-performance
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
CookieLawInfoConsent
1 year
CookieYes sets this cookie to record the default button state of the corresponding category and the status of CCPA. It works only in coordination with the primary cookie.
viewed_cookie_policy
11 months
The cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Cookie
Duration
Description
__cf_bm
30 minutes
This cookie, set by Cloudflare, is used to support Cloudflare Bot Management.
_cfuvid
session
The _cfuvid cookie is used to allow the Cloudflare WAF to distinguish individual users who share the same IP address. Visitors who do not provide the cookie are likely to be grouped together and may not be able to access the site if there are many other visitors from the same IP address.
cf_clearance
1 year
The cf_clearance cookie is used by Cloudflare to verify that visitors have successfully passed a security challenge and can access the website.
PBSECURESUSID
session
This cookie is set by the provider Podbean. This is a session cookie used to verify that the users are on secure sessions. It helps iin implementing audio files on the website.
wpEmojiSettingsSupports
session
WordPress sets this cookie when a user interacts with emojis on a WordPress site. It helps determine if the user's browser can display emojis properly.
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Cookie
Duration
Description
AWSELBCORS
5 minutes
This cookie is used by Elastic Load Balancing from Amazon Web Services to effectively balance load on the servers.
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Cookie
Duration
Description
_ga
2 years
The _ga cookie, installed by Google Analytics, calculates visitor, session and campaign data and also keeps track of site usage for the site's analytics report. The cookie stores information anonymously and assigns a randomly generated number to recognize unique visitors.
_ga_*
1 year 1 month 4 days
Google Analytics sets this cookie to store and count page views.
_gat_UA-*
1 minute
Google Analytics sets this cookie for user behaviour tracking.
_gat_UA-12672498-1
1 minute
A variation of the _gat cookie set by Google Analytics and Google Tag Manager to allow website owners to track visitor behaviour and measure site performance. The pattern element in the name contains the unique identity number of the account or website it relates to.
_gid
1 day
Installed by Google Analytics, _gid cookie stores information on how visitors use a website, while also creating an analytics report of the website's performance. Some of the data that are collected include the number of visitors, their source, and the pages they visit anonymously.
vuid
2 years
Vimeo-generated ID used for generating analytics information for the video owner.