The established narrative of US dominance accounts for more than 70% of global market capitalisation. The first phase of the AI super cycle was driven by a narrow group of US companies, but the world’s reliance and dependence on US technology and defence has shifted. The next phase of the AI cycle will be driven by capital-intensive infrastructure build-out, funding data centres, compute clusters and power systems. This investment is no longer confined to the United States as other economies – notably China – threaten US dominance. AI is moving into real world deploy...