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US firms pumping billions into China’s AI sector

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Kamaji:
US firms pumping billions into China’s AI sector

By Aaron Kliegman, Fox News
February 6, 2023

US investors were involved in at least 37% of all investment transactions in China’s artificial intelligence, or AI, sector between 2015 and 2021, according to a new report.

Georgetown University’s Center for Security and Emerging Technology found that $40.2 billion of the total money raised by all Chinese AI companies over this time period had US backing. However, the center couldn’t determine what percentage of that amount came from US investors or investors abroad.

The money went to 251 Chinese AI companies, and 91% of the US investment came as venture capital to earlier-stage businesses.

“Some of the largest investments include Goldman Sachs’ solo investment in 1KMXC, an AI-enabled robotics company, as well as an investment by three US-based [venture capital] firms in Geek+, an autonomous mobile robot company,” the report stated.

US investments in Chinese AI companies have undergone scrutiny in recent years as China seeks to use AI for not only civilian but also military applications. Analysts believe AI will play a central, “game-changing” role in China’s military innovation and future warfare strategy.

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Source:  https://nypost.com/2023/02/06/us-firms-pumping-billions-into-chinas-ai-sector/

Kamaji:
Time for that to be stopped.

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