Chancellor Friedrich Merz appealed to Germany's businesses to ‌embrace artificial intelligence at an industry summit in Berlin on Monday that was meant to attract investment, including an expected deal with US chip maker Nvidia.

Speaking alongside Nvidia CEO Jensen Huang at a red-carpet event marking ​the start of the summit, Merz stressed the importance of AI in efforts ​to revive Germany's economy and modernise its industry.

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"We are in the midst ​of a fundamental economic and technological transformation fuelled by exponential progress in artificial intelligence," Merz said, telling business leaders: "Please open your doors for AI to make use of your data."

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Germany and Nvidia are expected to announce a partnership ‌to promote ⁠AI in German industry at the summit, which continues on Tuesday. The German economy ministry has signed a memorandum of understanding with Nvidia, the government said, without giving further details.