彭博：人工智能竞赛：美国还是中国领先？

Investment Rating - The report does not explicitly provide an investment rating for the AI industry or specific companies within it. Core Insights - The competition between the US and China in the AI sector is intensifying, with both countries making significant strides in technology and investment to secure leadership in AI development [2][4][12] - Chinese companies are rapidly advancing in AI capabilities, with models that are approaching those of leading US firms, driven by government support and a focus on open-source technologies [3][8][9] - The outcome of the AI race may determine the technological superpower of the 21st century, with both nations prioritizing AI for economic, political, and national defense purposes [4][12][13] Summary by Sections The Technology - The US has led key breakthroughs in AI, with companies like OpenAI and Alphabet pioneering advanced computing chips and large language models [6][7] - Chinese firms are quickly following suit, developing AI models that require less computational power and embracing open-source standards to enhance global adoption [8][9] The State - AI is a national priority for both the US and China, with the US aiming to maintain a technological edge and China promoting AI as a public good [12][13] - The US government has initiated plans to reduce regulatory barriers for AI development, while China emphasizes the need for international cooperation in AI governance [12][13] The Money - In the first half of 2025, US AI startups raised over $100 billion, while major tech firms are projected to spend more than $344 billion on AI infrastructure [26][27] - China's AI capital expenditure is expected to reach $98 billion in 2025, a 48% increase from 2024, with significant government backing [27][28] The Talent - The US has historically attracted top AI talent from around the world, but tightening visa policies pose risks to this talent pipeline [29][31] - China is actively working to reverse brain drain by attracting scientists and entrepreneurs educated abroad back to the country [32][33] The Infrastructure - China has built a robust AI ecosystem supported by vast data pools and renewable energy-powered data centers [34][41] - The US faces challenges with aging power grids, while China has significantly increased its energy capacity to support AI development [41][42]