The race to dominate the new economy—one that will heavily depend on artificial intelligence (AI) and massive data infrastructure—is unfolding primarily between U.S. and Chinese companies, as both nations pour billions into gaining a competitive edge.

American tech giants like Microsoft, Amazon, and Google are collectively expected to invest nearly $300 billion into AI data centers, research and development, and talent acquisition. Meanwhile, major Chinese firms such as Alibaba, Huawei, and Tencent are investing over $100 billion in a determined effort to avoid falling behind in what many believe will be the greatest economic and productivity transformation of the century.

Although Chinese companies currently lag behind their U.S. counterparts in AI capabilities, they are rapidly building infrastructure to close the gap. According to The New York Times, U.S. companies have built 26 large-scale data centers, while Chinese companies have constructed 22, despite serving a population of over one billion.

Governments and companies in other parts of the world are growing increasingly concerned. Will they ever catch up—or will they be forced to rely on American and Chinese tech giants to participate in this once-in-a-century technological revolution?