Saudi Press

Saudi Arabia and the world
Saturday, Jun 21, 2025

The U.S. government needs to get involved in the A.I. race against China, Nasdaq executive says

The U.S. government needs to get involved in the A.I. race against China, Nasdaq executive says

The U.S. private sector alone cannot compete with the entire Chinese government and private sector in tech development, said Edward Knight of Nasdaq.

The U.S. needs to take a “strategic approach” as it competes with China on artificial intelligence, according to a Nasdaq executive.

AI is an area that is going to only develop in partnership with government, and U.S. authorities need to get involved, said Edward Knight, vice chairman of Nasdaq.

The Chinese government has already started “investing heavily” and working with their private sector to develop new technologies based on artificial intelligence, he said.

Beijing in 2017 said it wanted to become the world leader in AI by 2030 and aims to make the industry worth 1 trillion yuan ($152 billion). It included a roadmap about how AI could be developed and deployed.

“I think the U.S. already is leading, but it needs more … of a strategic approach involving the government,” Knight told CNBC’s Dan Murphy as part of FinTech Abu Dhabi, which was held online this year. “The private sector alone cannot take on the entire Chinese government and private sector, which is very focused on this.”

Predicting that society will benefit from any innovation that comes from artificial intelligence, Knight added: “If the U.S. is going to continue to be a growing economy and innovative economy, it has to master that new technology.”

Artificial intelligence refers to technology in which computers or machines imitate human intelligence such as in image and pattern recognition. It is increasingly being used in sectors from financial services to health care, but has been criticized as being “more dangerous than nukes” by Tesla CEO Elon Musk.

Musk fears that AI will develop too quickly for humans to safely manage, but researchers have pushed back, calling him a “sensationalist.”

Biden presidency


Separately, Knight weighed in on what a Biden presidency would mean for the initial public offering market.

He said the pipeline traditionally slows down when a new president comes into office because there’s uncertainty about possible policy changes.

However, he sees low interest rates and the likelihood of a divided government as positive for the IPO market. “We expect there will not be radical, if you will, changes in public policy,” Knight said. “Change will come incrementally, and I think that makes markets more predictable.”

Meanwhile, the Federal Reserve this month said it would keep rates near zero for as long as necessary to help the economy recover from the effects of 1Covid1-19.

“With more predictable markets and low interest rates, I think you’ll continue to have a healthy demand and pipeline for IPOs,” Knight said.

He also said the president-elect’s priority is managing the coronavirus crisis and “hopefully getting to the place where we have a widely available vaccine,” which would act as a foundation for a recovery.

“We cannot have a strong economy with unhealthy American people,” he said. “Once we can restore their health and deal with the pandemic, I think you’ll start to see the economy fully recover.”

Newsletter

Related Articles

Saudi Press
0:00
0:00
Close
Israel Confirms Assassination of Quds Force Commander in Tehran
16 Billion Login Credentials Leaked in Unprecedented Cybersecurity Breach
Senate hearing on who was 'really running' Biden White House kicks off
G7 Leaders Fail to Reach Consensus on Key Global Issues
Mass exodus in Tehran as millions try to flee following Trump’s evacuation order
Iranian Military Officers Reportedly Seek Contact with Reza Pahlavi, Signal Intent to Defect
Vietnam Emerges as Luxury Yacht Destination for Ultra‑Rich
China's Iranian Oil Imports Face Disruption Amid Escalating Middle East Tensions
Trump Demands Iran's Unconditional Surrender Amid Escalating Conflict
Israeli Airstrike Targets Iranian State TV in Central Tehran
President Trump is leaving the G7 summit early and has ordered the National Security Council to the Situation Room
Netanyahu Signals Potential Regime Change in Iran
Analysts Warn Iran May Resort to Unconventional Warfare
Iranian Regime Faces Existential Threat Amid Conflict
Energy Infrastructure Becomes War Zone in Middle East
Iran Conducts Ballistic Missile Launches Amid Heightened Tensions with Israel
Iran Signals Openness to Nuclear Negotiations Amid Ongoing Regional Tensions
Shock Within Iran’s Leadership: Khamenei’s Failed Plan to Launch 1,000 Missiles Against Israel
Trump's Anti-War Stance Tested Amid Israel-Iran Conflict
UK Deploys Jets to Middle East Amid Rising Tensions
Exiled Iranian Prince Reza Pahlavi Urges Overthrow of Khamenei Regime
Wreck of $17 Billion San José Galleon Identified Off Colombia After 300 Years
Iran Launches Extensive Missile Attack on Israel Following Israeli Strikes on Nuclear Sites
Israel Issues Ultimatum to Iran Over Potential Retaliation and Nuclear Facilities
Black Box Recovered from Air India Crash Site
Coinbase CEO Warns Bitcoin Could Supplant US Dollar Amid Mounting National Debt
Trump to Iran: Make a Deal — Sign or Die
Operation "Like a Lion": Israel Strikes Iran in Unprecedented Offensive
Israel Launches 'Operation Rising Lion' Targeting Iranian Nuclear and Military Sites
Israeli Forces Intercept Gaza-Bound Aid Vessel Carrying Greta Thunberg
IMF Warns of Severe Global Trade War Impacts on Emerging Markets
Syria to Reconnect to Global Economy After 14 Years of Isolation
Israel Confirms Arming Gaza Clan to Counter Hamas Influence
Global News Roundup: From Ukraine's strategic military strikes and Russia's demands and Tensions Escalate in Ukraine, to serious legal issues faced by Britons in Bali and Trump's media criticism, the latest developments highlight a turbulent landscape
U.S. Reduces Military Presence in Syria
Trump Demands Iran End All Uranium Enrichment in Nuclear Talks
Iran Warns Europe Against Politicizing UN Nuclear Report
Paris Saint-Germain's Greatest Triumph Is Football’s Lowest Point
OPEC+ Agrees to Increase Oil Output for Third Consecutive Month
Turkey Detains Istanbul Officials Amid Anti-Corruption Crackdown
Meta and Anduril Collaborate on AI-Driven Military Augmented Reality Systems
EU Central Bank Pushes to Replace US Dollar with Euro as World’s Main Currency
European and Arab Ministers Convene in Madrid to Address Gaza Conflict
U.S. Health Secretary Ends Select COVID-19 Vaccine Recommendations
Trump Warns Putin Is 'Playing with Fire' Amid Escalating Ukraine Conflict
India and Pakistan Engage Trump-Linked Lobbyists to Influence U.S. Policy
U.S. Halts New Student Visa Interviews Amid Enhanced Security Measures
Trump Administration Cancels $100 Million in Federal Contracts with Harvard
SpaceX Starship Test Flight Ends in Failure, Mars Mission Timeline Uncertain
King Charles Affirms Canadian Sovereignty Amid U.S. Statehood Pressure
×