The US-China Tech Race

Exchanges

Goldman Sachs

Business

4.4 • 1K Ratings

🗓️ 10 December 2025

⏱️ 28 minutes

🔗️ Recording | iTunes | RSS

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Summary

Is the US or China winning the tech race, and what factors will determine the outcome? Mark Kennedy, founding director of the Wahba Initiative for Strategic Competition, and Paul Triolo, partner at DGA-Albright Stonebridge Group, discuss with Allison Nathan on the latest episode of Goldman Sachs Exchanges. This episode was recorded on November 10, 18, and December 9th, 2025. The opinions and views expressed herein are as of the date of publication, subject to change without notice, and may not necessarily reflect the institutional views of Goldman Sachs or its affiliates. The material provided is intended for informational purposes only, and does not constitute investment advice, a recommendation from any Goldman Sachs entity to take any particular action, or an offer or solicitation to purchase or sell any securities or financial products. This material may contain forward-looking statements. Past performance is not indicative of future results. Neither Goldman Sachs nor any of its affiliates make any representations or warranties, express or implied, as to the accuracy or completeness of the statements or information contained herein and disclaim any liability whatsoever for reliance on such information for any purpose. Each name of a third-party organization mentioned is the property of the company to which it relates, is used here strictly for informational and identification purposes only and is not used to imply any ownership or license rights between any such company and Goldman Sachs. A transcript is provided for convenience and may differ from the original video or audio content. Goldman Sachs is not responsible for any errors in the transcript. This material should not be copied, distributed, published, or reproduced in whole or in part or disclosed by any recipient to any other person without the express written consent of Goldman Sachs. Disclosures applicable to research with respect to issuers, if any, mentioned herein are available through your Goldman Sachs representative or at http://www.gs.com/research/hedge.html. © 2025 Goldman Sachs. All rights reserved. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	The world's two largest economies are competing in a tech race that some have compared to the Cold War nuclear and space race between the U.S. and the Soviet Union.
0:15.0	So is the U.S. or China currently ahead?
0:17.0	And what will determine who ultimately takes the lead in this technological rivalry.
0:22.3	I'm Allison Nathan, and this is Goldman Sachs exchanges.
0:28.7	Each month, I speak with investors, policymakers, and academics about the most pressing market-moving
0:34.4	issues for our top of my report from Goldman Sachs research. I recently spoke
0:39.4	with Mark Kennedy, founding director of the Waba Initiative for Strategic Competition at NYU's
0:45.0	Development Research Institute, and with Paul Triolo, partner at DGA Albright Stonebridge Group.
0:50.9	I started by asking Mark just how important a role tech plays in the U.S. China strategic
0:56.5	rivalry and who's winning the tech race today?
1:01.4	Technology certainly seems to be at the center of the U.S. China strategic rivalry.
1:07.1	Is that an accurate characterization of the role of technology within this rivalry?
1:12.5	Or do you think that there's just too much emphasis on that role and that it's being overplayed?
1:17.1	I don't think it's being overplayed.
1:19.4	Tech isn't just at the center.
1:21.8	It's really the switchboard.
1:23.5	Because whoever is going to route the data, the standards, the compute in the future is really going to impact every domain,
1:31.7	from military might, economic influence to how you reach out with your message.
1:38.5	And I think it's not overplayed, but I think what's underplayed is the geopolitical implications of that.
1:46.7	When we think about the tech race, we need to understand that there's really four arenas in
1:51.2	this tech race. Who leads in the technology? Who leads in applying that technology?
1:57.8	Who leads in installing the digital plumbing that really underpins everything,
	...

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