Can simplifying AI rules in Europe create competition for US and China?

The Paris summit has drawn nearly 100 world leaders and tech firms with the consensus that 2025 is not the year for new AI regulations. France says it's time to simplify the rules in Europe to allow advances -- or risk being left behind. In January Chinese start-up DeepSeek disrupted Wall Street and Silicon Valley. Stocks plunged when it launched a cheaper and more efficient chat model to rival American competitors' such as ChatGPT. So who is winning the AI war? Or are the battle lines only just being drawn?