While markets clearly reflect the belief that the United States is ahead in the AI arms race, early leadership does not mean victory — especially when it comes to innovation.
President Donald Trump gestures after signing executive orders after speaking during an AI summit, July 23, 2025, in Washington. Credit: Julia Demaree Nikhinson via AP Images
While no one has waved an official checkered flag in the Sino-American race for AI supremacy, the markets are betting that the United States will prevail. The chipmaker Nvidia recently became the world’s first $4 trillion company (and its CEO, Jensen Huang, has acquired global rock-star status). Microsoft, the biggest investor in OpenAI’s for-profit entity, is not far behind, with a valuation of $3.7 trillion.
The performance of Moonshot AI's Kimi K2 model (in blue) in 'Mat
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