The Banned and High-Risk lists read like a call for startups (outside the EU).

> U.S. tech giants, such as Google, Microsoft, and OpenAI, will need to adapt their operations to meet these requirements. This could involve significant changes to their AI development processes and increased investments in compliance measures.

I look forward to seeing how this plays out in real life. My best guess is some kind of less-capable AI for Europe, but I imagine there will be protectionism and stealth subsidies lurking in the details.