The technology world is currently dominated by one word: AI. From revolutionary large language models (LLMs) to the slightly less necessary AI-powered toothbrush, everyone is talking about AI-powered everything. But beneath the dazzling veneer of innovation lies a deep economic anxiety, symbolized by valuations that defy gravity.

What do nuclear weapons, moon landings, and Artificial General Intelligence (AGI) all have in common? They are all results of intense, global arms races, and the AI arms race might just be the most consequential one yet.