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Governments around the world are racing to regulate artificial intelligence (AI) tools as concerns over their impact on various sectors grow. China's chip imports have fallen by 15% in the first nine months of 2023, signaling the country's efforts to enhance data security in generative AI. Startups are also looking to capture and defend market share in the AI era, while experts discuss the evolving legal landscape and implications of generative AI. Washington seeks to further curb Chinese access to American AI chips, highlighting the ongoing tensions between the two countries. As AI continues to advance, governments and industries are grappling with the need for innovation, ethics, and regulation in this rapidly evolving field.