Federal regulators have reached an agreement that could lead to tighter government oversight of the rapidly emerging artificial intelligence industry, including heavyweights in the sector such as Microsoft, Nvidia and OpenAI, two people familiar with the talks confirmed to CBS News. 

The Federal Trade Commission and Justice Department will split oversight of different companies in the sector, the people said, with the FTC regulating the business practices and conduct of OpenAI and Microsoft and the Justice Department’s antitrust division overseeing chipmaker Nvidia. 

News of the agreement was first reported by the New York Times. 

The move comes as the federal government grapples with rapid advancements in AI technologies and their broadening influence on the U.S. economy and society. 

The Justice Department in February announced the appointment of the agency’s first AI officer, and in May said it was “actively examining the AI ecosystem.”

—With reporting from CBS News’ Jo Ling Kent and Robert Legare