BofA: US and China cannot win AI race alone

Neither the US nor China can achieve technological dominance in AI without international partners, according to Bank of America's co-head of China equities, Matti Zhao. While China excels in energy infrastructure and manufacturing equipment, it remains dependent on foreign advanced chips and memory. Conversely, the US faces aging power grids and community resistance to new data centers. Zhao emphasized that AI development relies on a global supply chain, citing South Korea's memory production and Japan's high-tech materials as critical components, while noting China's growing role as a major exporter of energy infrastructure.