The United States is combining the scale of its capital markets with blockchain technology to finance its attempt to dominate artificial intelligence. According to Deutsche Bank strategist Mallika Sachdeva, this strategy could reinforce the global position of US assets and the dollar, but it also creates a new set of vulnerabilities.
Key takeaways from Deutsche Bank
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US companies are expected to spend around $800 billion on artificial intelligence this year, compared with roughly $100 billion in China.
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America is increasingly financing its AI ambitions through private equity, public credit markets and foreign equity inflows.
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Tokenization could make US assets more accessible, liquid, and useful as collateral, reinforcing the dominance of the dollar and US capital markets.
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The same shift leaves the dollar more dependent on private technology capital, equity performance and the commercial success of American AI.
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Deutsche Bank frames the AI contest as a competition between America’s open capital markets and China’s lower-cost, open technology model.