Governments worldwide are rushing to come up with ideas to regulate so-called Artificial Intelligence, automated and “autonomous” systems, and predictive analytics applications. From the EU’s AI White Paper to the newly founded Partnership on Artificial Intelligence (GPAI), comprising 15 states (including the EU and the US), the question is how to deal with the powerful promises and high risks of optimisation technologies and probabilistic decision-support systems. Companies react by hurriedly drafting “AI ethics guidelines”, hoping this will save them from regulatory oversight. In my keynote, I will delineate the state of play of both governments’ and businesses’ activities and sketch out ideas of how to tackle the regulatory and ethical challenges ahead.