In 2023, AI policy took center stage globally, driven by OpenAI's ChatGPT. The US, spurred by President Biden's executive order, leaned towards industry-friendly regulation, emphasizing transparency and sector-specific rules. The EU passed the world's first comprehensive AI law, the AI Act, focusing on high-risk applications in areas like healthcare and policing. The US AI Safety Institute will execute Biden's order, and discussions on AI legislation intensify with potential risk-based frameworks. China's fragmented approach to AI regulation is set to change with a comprehensive AI law, mirroring the EU's model. The rest of the world, including Africa, anticipates more AI regulations, with the African Union developing a continental AI strategy. Geopolitically, distinctions between democratic and authoritarian AI approaches will likely deepen in 2024, impacting global industry dynamics.