A global clash over technology dominance is mounting as Chinese firms gain access to China’s vast markets and become world leaders in the technologies of tomorrow. Meanwhile, the US has been stifling Chinese online companies and preventing them from expanding to other markets. While both sides say that the scope of the technological revolution is beyond our control, geopolitical tensions are growing. The pace of technological developments is likely to speed up over the next two decades, bringing with it new tensions and competition among nations. The race for technological supremacy will be increasingly globalized, with competition for talent, resources, and knowledge among competing nations.
As a result, governments are trying to limit the power of tech companies – a move they’ve never done before – amid concerns about stifling competition, spreading misinformation, eroding privacy, and tightening political control. While governments and tech firms have long jockeyed for supremacy, this latest move may tip the balance of power and shape the future of the internet and the flow of digital data globally.
As the competition for technology dominance increases
Geopolitical and societal rivalries are looming. A battle for technological supremacy will not only affect businesses, but will have ramifications for societal stability. The winner will claim economic and ideological spoils for generations to come. Interestingly, China’s BATs are not household names in the west, but they are already leading the pack. Baidu has 70 percent of the Chinese search engine market and is the world’s second-largest search engine. Alibaba and Tencent are vying to become the largest internet retailer. Moreover, Tencent recently overtook Facebook as the most valuable social network.
The race for technological supremacy is closely tied to evolving geopolitics
and has repercussions beyond the business world. The winner will reap the ideological and economic spoils. While the U.S. Federal Bureau of Investigation (FBI) has launched a new investigation into Chinese government actions every 10 hours, the race for technological supremacy is raging. The outcome of this battle is likely to be highly contested.
As the US and China’s tech companies compete for dominance, the battle between the two countries’ economic rivalry is growing. Beijing is blocking foreign websites and policing domestic content. Last year, it passed laws allowing homegrown tech firms to expand. A number of regulatory changes were proposed in the industry, signaling a desire to bring the tech giants to heel. Similarly, a global clash over technology dominance is gaining momentum in the US and in the world.
The battle between China and the US is a race that is intertwined with changing geopolitics and societal rivalries. The winning nation will claim the economic and ideological spoils, resulting in a global technological power struggle. This competition is a major source of tension for both sides, and it will continue to escalate in the future. It is also a competitive advantage for China. However, it is important to recognize that there is no single winner when it comes to technology dominance.
The race for technology supremacy is closely intertwined with geopolitics
This race for tech dominance will have ramifications well beyond the businesses themselves. The winner will take home the economic and ideological spoils. While the US and China have both been in the forefront of innovation, there are other countries that have risen to the top of the rankings. In this case, the competition is fierce.
The race for technological supremacy is not just about technology. The race for technology dominance is also entwined with the world’s geopolitics. The Chinese government is cracking down on the dominant firm in a crowded tech world. By imposing export controls and screening Chinese investment, China is taking advantage of a global technological war. A reversal of the tech-driven economy could lead to a world-class leader.
Whether or not these two sides will win will depend
on the nature of their technological supremacy. The FAANGs are companies with the most value, while BATs are companies with low valuations. Although the FAANGs are considered the biggest companies in the world, they are not necessarily the most powerful. Despite their massive market size, these companies are widely respected. Often, the US government has been a critical player in this race.