While the invention of general-purpose technologies creates new opportunities, it is their diffusion across industries and economies that drives economic transformation. Early evidence suggests that AI is likely to follow a similar trajectory.
SEOUL—Discussions of the global AI race typically focus on the contest between the two innovation leaders—the United States and China—with the rest of the world positioned effectively as spectators. But while the US and China are pushing the frontiers of AI development, from foundation models to advanced semiconductor design, they will not dictate the technology’s economic impact. Those who apply it will.