Asia & the Pacific

What the Iron Man-like character is claiming for his futuristic automotive company is not unheard of. On a systemic basis, mammoth institutional investment—especially from sovereign wealth funds (SWFs)—is flowing into start-ups and technology-oriented publicly traded companies. In this case, Saudi billions would help Mr Musk escape the pressures of being publicly listed. SWFs have invested large sums into high-growth start-ups promising innovation and financial returns. In fact, just this month, Saudi’s Public Investment Fund (PIF) announced a US$1bn investment in Tesla’s rival, Lucid, and a US$2bn stake in Tesla. The rise in SWF balance sheets and activity is having ramifications on global efforts to be more Silicon Valley-like, and on Silicon Valley itself.

Like revolutions in the past the on-going AI revolution will produce winners and losers. The first industrial revolution in the 18th century changed the world of production and paved the way for Britain’s global leadership. Similarly, the current digital revolution is redefining the service sector and China’s role in the world.

Key features of Chinese history and culture have put it in a position to become the global leader in artificial-intelligence technologies, surpassing even the tech giants of Silicon Valley. But to do so, China will need to overcome economic hurdles – both at home and abroad – that could stand in its way.

Are we living through the re-mystification of the world?

Much that goes on around us is baffling these days. Financial market movements, for example, seem increasingly mysterious. Why, after close to a decade of sustained recovery from the nadir of early 2009, did global stock markets sell off so sharply this month?

Elizabeth Philipp’s passion for international relations sprouted at a young age. When learning to walk, she was also learning the French language from her Montessori school teachers. Global priorities have always been part of her life.