The European Union's Parliament has approved the AI Act, a draft legislation regulating artificial intelligence. It focuses on training AI models with large datasets and requires companies to disclose AI-generated content, prevent illegal content creation, and publish summaries of copyrighted data. Noncompliance may lead to fines of up to 6% of a company's global revenue. Tech companies are divided on AI regulations, with some opposing broad restrictions, while researchers and academics support rules like those proposed by the EU to ensure responsible AI development. The EU aims to establish a global standard with its legislation, balancing innovation and risk management. The legislation will undergo negotiations with EU member states and the European Commission for finalization by year-end.