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Projected AI spending in 2023 could reach $700 billion, highlighting a competitive race between the U.S. and China. The U.S. aims for artificial general intelligence (AGI), while China focuses on utilizing AI to enhance productivity in sectors like manufacturing and healthcare.

China's AI investment is directed toward improving existing industries rather than speculative models, contrasting with the U.S.'s service-oriented applications, such as large language models. Both countries compete in semiconductor production and military applications, but China has not selected a national champion for AGI, reflecting its cautious approach to technological leadership.