The most consequential technologies in history were not always adopted because their commercial value was immediately obvious. Many became important because they altered the global balance of power. Railways expanded markets, but they also enabled states to project authority across vast territories. Nuclear technology produced energy, but it also created a new geopolitical order. The internet transformed commerce, but it also became an instrument of influence.

The world is currently witnessing an unprecedented wave of investments in AI. Governments and corporations are spending hundreds of billions of dollars on chips, data centres, research and talent acquisition. Will the economics justify the investment? The answer is far from certain.

Despite extraordinary progress, no one can confidently estimate the eventual revenues, margins or long-term profitability of many AI initiatives. Investors continue to debate whether the technology is overhyped or undervalued.

But the debate may be missing a larger point. Even if the business case for AI remains uncertain, the geopolitical case is remarkably clear.

Technology As Strategic Power

For decades, the United States has demonstrated how technological leadership can translate into global influence. Military strength has undoubtedly played a role, but American power has often rested on something deeper: control over systems that other countries needed access to. The dominance of the dollar gave Washington unparalleled influence over global finance. Access to American markets shaped trade negotiations. Control over critical technologies provided leverage that often extended far beyond........

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