The European Parliament has approved the bloc's landmark rules for artificial intelligence, known as the EU AI Act, clearing a major hurdle for the first formal regulation of AI in the West to become law. What generative AI is capable of, from producing music lyrics to generating code, has wowed academics, businesspeople and even school students. During a critical Wednesday vote, the Parliament adopted the AI Act with 499 votes in favor, 28 against and 93 abstentions. Generative AI developers will be required to submit their systems for review before releasing them commercially. The laws have huge implications for developers of generative AI models, such as the Microsoft -backed OpenAI's ChatGPT and Google 's Bard.

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Persons: Bard, Jens, Henrik Jeppesen, Thomas Dohmke, Dohmke, CNBC's Arjun Kharpal, Rishi Sunak, Goldman Sachs Organizations: EU, European People's Party, Microsoft, Google, CNBC, European Union