The document discusses the formation of the European Applied AI Alliance to transform Europe into an AI superpower. The Alliance aims to [1] promote and apply European AI for societal and economic benefit through cooperation and data sharing across countries, [2] attract talent and increase funding for entrepreneurs, and [3] facilitate the emergence of European AI champions in key areas like healthcare, mobility, environment, and industry. The Alliance will take a decentralized approach to AI development in Europe using encrypted and mutually shared data.