Though US spending on AI far exceeds the rest of the world, China is rapidly closing the technology gap.
The US continues to lead the pack in AI development as it houses the industry’s biggest tech companies and investors. However, a recent study – Stanford AI Index Report – reveals that the US lead has narrowed with China rapidly closing the gap.
The tech report highlights that US-based institutions produced the most significant AI model releases in 2024, with 40 compared to China’s 15 and three in Europe, but this does not tell the whole story. The report finds that the performance of China’s AI models has improved considerably over time. For instance, it pointed out in 2024, the Chinese models nearly equaled leading AI models on key performance benchmarks in 2023.
