Jul 9, 2024 - Economy
Charted: U.S. is the private sector AI leader
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The U.S. is dominating private-sector investment in AI, according to a new report from S&P Global.
Why it matters: AI fever is fueling a boom in the stock market and is viewed as a linchpin to future economic growth.
Zoom in: The U.S. private sector invested more than three times as much in AI than any other country did from 2013 through 2023, according to the new report.
- The U.S. created 5,509 AI companies during that time, nearly four times second-place China's 1,446.
Yes, but: "Private sector investment in AI is not the entire story," S&P wrote.
- "We expect governments will also play a crucial role in AI's development," especially in China, where much of its "spending on AI is likely to be directly government funded."
