Better than companies doing their own thing and not having any restrictions or oversight at all. Remember that those companies will get rid of some portion of their workers as soon as they think an AI can do most of that work. Heck, they did layoffs and started hiring again without any advancements.
I'm sure China and Russia and Iran and all those other nations will 100% see the value of artificially restricting their AI efforts as well because of the risk of harm, and be socially responsible global citizens, that won't exploit this edge for thier own geopolitical agenda.
And when these countries overtake the US, the same people who brought AI regulations in the US will cry foul could when we regulate AI products from overseas.
They’ll probably use ai to build an alternative to microsoft windows and Active Directory to start with. Interestingly microsoft makes just 2% of its revenue from china, despite an 85% market share for personal computer operating systems there. But I am sure China would prefer to not deal with windows telemetry also.
Soviet man and American man were arguing about which country was more free.
The American man said "I am so free I could walk up to the White house right now and scream 'I hate Ronald Reagan he is an incompetent buffoon.' Without getting arrested."
The Russian man responded "That is not any more free than me I too could walk up to the Kremlin and scream 'I hate Ronald Reagan he is an incompetent buffoon.' without getting in any trouble."
But they are doing it in a way that do not hinder their fundamentals - they are enforcing that on alignment (see Baichuan2-chat) and application levels.
Unlike Biden's silly EO which puts restrictions on foundation model compute levels.
If you think the US is going to restrict its AI efforts, you are mistaken. This is just a big tech lobbying circus. They'll happily sell Uncle Sam robotic dogs with RPGs and targeting computers, autonomous drone swarms and other AI enabed hardware to deploy across all operations theatres.
The Chinese are busy studying “Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era", the Russians are busy getting wasted in Ukraine and the Iranians are busy checking if women are properly wearing their hijabs and smuggling weapons into Gaza.
You can't trust companies to self-regulate.