The rapid financing of the AI boom through massive corporate debt issuance is creating significant stress on global financial markets. This influx of private capital forces competition with government Treasury bonds, as AI companies offer higher yields than equivalent sovereign debt, thereby pushing up long-term interest rates. While this signals strong investment demand for AI, it raises concerns about systemic risk and the potential destabilization of core bond markets. Policymakers must navigate the tension between fueling critical technological growth and maintaining stable public borrowing costs to prevent a financial crisis.
How middle powers can weather US and Chinese AI dominance
English Summary
Chatham House argues that middle powers can retain meaningful agency in an AI system dominated by the US and China by pursuing "sovereign AI" strategies tailored to national interests. The paper identifies four practical pathways: specialize in a strategic segment of the AI supply chain, align with one superpower, pool sovereignty through partnerships with peers, or hedge by combining capabilities from multiple providers. Its reasoning is that full technological independence is unrealistic, but selective control over how AI is adopted and governed is still achievable. For policymakers, the priority is to choose and sequence these strategies based on domestic strengths and risk tolerance so AI deployment serves national and public-interest goals despite structural dependence on US and Chinese ecosystems.
中文摘要
研究所指出，在由美國與中國主導的人工智慧體系中，中等強國若推動符合本國利益的「主權AI」策略，仍可維持具實質意義的行動自主性。該報告提出四條務實路徑：在AI供應鏈的戰略環節中專業化、與其中一個超級強權對齊、透過與同儕國家合作來匯聚主權，或透過整合多個供應方能力進行避險。其核心論點是，全面技術自主並不現實，但對AI採用與治理方式的選擇性控制仍可達成。對決策者而言，首要任務是依據國內優勢與風險承受度，選擇並安排這些策略的推進順序，從而在結構上依賴美中生態系的情況下，仍使AI部署服務國家與公共利益目標。
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