A groundbreaking draft law adopted with overwhelming majority by the European Parliament provides a glimpse into the future of governance of artificial intelligence (AI). The AI Act (AIA) aims to safeguard fundamental rights and ensure the ethical development of AI in Europe and beyond. It is the most ambitious framework to date designed to guide the development and usage of AI. The vote echoes a growing chorus of researchers from various disciplines calling for guardrails to govern powerful AI. Although AIA's final form will emerge from talks with the European Council and the Commission, the decision by Europe's influential law-making body offers a timely opportunity for the AI research community to brace for impact, which is expected to reverberate across borders.