President-elect Trump’s return to the White House has those in the artificial intelligence (AI) industry preparing for potential cutbacks in regulation and federal funding.

From the launch of ChatGPT to the increased use of deepfakes, AI rapidly developed over the past four years, and Trump is heading back to the Oval Office amid a very different tech landscape.

While offering few specifics about his plans for AI, the president-elect's alliance with tech billionaire Elon Musk and his pledge to repeal President Biden’s AI executive order could mean private sector-driven innovation and competition will be prioritized over regulation, industry experts said.

“I think the obvious [impact] at least [is] less regulation,” said Jason Corso, an AI researcher and the co-founder and CEO of computer vision startup Voxel51.

This could have a ripple effect on the AI industry down the road, he added.

“I don’t think there would be an immediate impact to any immediate deregulation because we’re just learning about what to do. I think what would be impacted is the longer-term health and understanding or progress for a safer world with safe AI,” Corso said.

Deregulation was a key focus of Trump’s first term, and he has indicated he plans to continue the approach in his second term.

Trump and Musk, who has become one of the president-elect's most vocal supporters, have repeatedly floated the idea of a government efficiency commission focused on eliminating wasteful government spending and regulations.

It remains unclear if the idea will come to fruition or if Musk will lead it.

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