by Thomas Wash  | PDF

On his first full day in office, President Trump convened a group of prominent tech leaders in what he characterized as an effort to secure the United States’ technological future. This meeting launched the largest artificial intelligence infrastructure initiative in US history, named Stargate Project. The strategy forged a major public-private partnership with firms such as OpenAI, SoftBank, and Oracle, creating a joint venture with a fund that will exceed $500 billion over the next four years in order to cement US global dominance in artificial intelligence (AI).

This initiative placed the US at the forefront of a struggle with China that transcends a mere contest for technological supremacy; it is a fundamental clash of economic systems. While both are engaged in industrial state policy, China employs a state-guided, top-down model, using its bureaucracy to steer markets toward national objectives. In contrast, the American industrial approach is decentralized and industry-led, relying on private enterprise to drive innovation and growth.

The outcome of this contest will do more than anoint a global technology leader. It will also determine the dominant economic framework of the 21^st century, which could not only profoundly reshape the world economy but also the architecture of the global financial system. Thus, much like Sputnik, this isn’t just about a single technological achievement; rather, the future of the global order could be at stake. In this report, we discuss the AI race between the US and China and what it means for markets going forward.

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