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Chris Columbus sat in the director's chair for Harry Potter and the Sorcerer's Stone instead, while Spielberg remained in Los Angeles to helm the science fiction drama A.I. Artificial Intelligence, starring Haley Joel Osment and Jude Law.
Source: https://www.cbr.com/steven-spielberg-turned-down-harry-potter/
It must be something for him to look be able to look back on that time in his professional life and say that he doesn't regret turning down Harry Potter and the Sorcerer's Stone, which eventually went to the talented Chris Columbus.