Who will win the AI race? Goldman Sachs sees $7.6 trillion battle beyond Big Tech

The race to dominate artificial intelligence is framed as a battle between countries and technology companies. The United States has its frontier AI labs and hyperscalers. China has rapidly expanding AI capabilities and a growing cost advantage. Europe is trying to build strategic capacity in technology, defense and industrial systems.

Goldman Sachs’ Harnessing AI for the Real Economy report gives a different way of looking at the competition.

The report does not declare the United States, China, Europe or any individual company the winner of the AI race. Instead, it says that the next phase of competition will be decided by a much wider set of capabilities. Technology will matter. However, technology alone will not be enough.