Google on Wednesday said it will sign the European Union’s guidelines on artificial intelligence, which Meta previously rebuffed due to concerns they could stifle innovation.

In a blog post, Google said it planned to sign the code in the hope that it would promote European citizens’ access to advanced new AI tools, as they become available.

Google’s endorsement comes after Meta recently said it would refuse to sign the code over concerns that it could constrain European AI innovation.

“Prompt and widespread deployment is important,” Kent Walker, president of global affairs of Google, said in the post, adding that embracing AI could boost Europe’s economy by 1.4 trillion euros ($1.62 trillion) annually by 2034.

The European Commission, which is the executive body of the EU, published a final iteration of its code of practice for general-purpose AI models, leaving it up to companies to decide if they want to sign.

The guidelines lay out how to meet the requirements of the EU AI Act, a landmark law overseeing the technology, when it comes to transparency, safety, and security.

However, Google also flagged fears over the potential for the guidelines to slow technological advances around AI.

“We remain concerned that the AI Act and Code risk slowing Europe’s development and deployment of AI,” Kent Walker, president of global affairs of Google, said in the post Wednesday.

“In particular, departures from EU copyright law, steps that slow approvals, or requirements that expose trade secrets could chill European model development and deployment, harming Europe’s competitiveness.”

Earlier this month, Meta declined to sign the EU AI code of practice, calling it an overreach that would “stunt” the industry.

“Europe is heading down the wrong path on AI,” Joel Kaplan, Meta’s global affairs chief, wrote in a LinkedIn post at the time. “This code introduces a number of legal uncertainties for model developers, as well as measures which go far beyond the scope of the AI Act.”

South Korea-based LG Energy Solution announced Wednesday that it had signed a $4.3 billion contract for supplying batteries to a major corporation, without naming the customer.

The effective date of contract — receipt of orders — began Tuesday and will conclude at the end of July, 2030. During this period, the counterparty will not be disclosed to maintain business confidentiality, the company’s filing with the Korea Exchange showed Wednesday. Reuters reported that Tesla was the counterparty.

Earlier this week, Tesla CEO Elon Musk confirmed that the EV maker was behind a previously undisclosed $16.5 billion chip contract with South Korea’s Samsung Electronics. 

LG Energy said in its filing that details of the contract such as the deal amount were subject to change and the contract period could be extended by up to seven years. 

“Investors are advised to carefully consider the possibility of changes or termination of the contract when making investment decisions,” the company cautioned. It’s shares were trading 0.26% lower. 

The filing did not clarify whether the lithium iron phosphate batteries would be used in vehicles or energy storage systems. Its major battery customers include American electric-vehicle makers Tesla and General Motors.

The company has been expanding its battery production in the U.S., and is constructing a plant in Arizona that will produce lithium iron phosphate batteries. 

LG Energy Solution and Tesla did not immediately respond to CNBC’s requests for comment. 

CyberArk shares soared as much as 18% on Tuesday after The Wall Street Journal reported that cybersecurity provider Palo Alto Networks has held discussions to buy the identity management software maker for over $20 billion.

Cloud security is becoming an increasingly critical piece of the enterprise tech stack, especially as rapid advancements in artificial intelligence bring with them a whole new set of threats, and as ransomware attacks become more commonplace.

Founded in 2005, Palo Alto Networks has emerged in recent years as a consolidator in the cybersecurity industry and has grown into the biggest player in the space by market cap, with a valuation of over $130 billion. CEO Nikesh Arora, who was appointed to the job in 2018, has been on a spending spree, snapping up Protect AI in a deal that closed in July, and in 2023 buying Talon Cyber Security, Dig Security and Zycada Networks.

But CyberArk would represent by far Arora’s biggest bet yet. The Israeli company, which went public in 2014, provides technology that helps companies streamline the process of logging on to applications for employees.

CyberArk faces competition from Microsoft, Okta and IBM‘s HashiCorp. Another rival, SailPoint, returned to the public markets in February.

With Tuesday’s rally, CyberArk shares climbed to a record, surpassing their prior all-time high reached in February. The stock is up 29% this year, pushing the company’s market cap to almost $21 billion, after jumping 52% in 2024. Palo Alto shares, meanwhile, slid 3.5% on the report and are now up about 9% for the year.

Representatives from Palo Alto Networks and CyberArk declined to comment.

During the first quarter, CyberArk generated around $11.5 million in net income on around $318 million in revenue, which was up 43% from a year earlier.

It’s been an active stretch for big deals in the cyber market. Google said in March that it was spending $32 billion on Wiz, its largest acquisition on record by far, and a purchase intended to bolster its cloud business with greater AI security technology.

Networking giant Cisco also made its biggest deal ever in the security space, buying Splunk in 2023 for $28 billion. Splunk’s technology helps businesses monitor and analyze their data to minimize the risk of hacks and resolve technical issues faster.

— CNBC’s Ari Levy contributed to this report

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