- Billionaire investor Ray Dalio compared China's AI policy to that of the US.
- Dalio, speaking at a conference in New York on Wednesday, said China views AI like a utility everyone should have.
- "It doesn't have to be expensive or even profitable," he said.
As the biggest artificial intelligence companies in the US ready themselves for their massive public market debuts, Chinese rivals aren't focused on the bottom line.
Billionaire investor Ray Dalio, who visited China in April, said the country views AI more like a utility that should be in the hands of every worker.
"It's like electricity and running water in that everyone should have it," said Dalio, who founded hedge fund Bridgewater Associates.
Dalio, a longtime China fan who first visited the country in 1984, told the audience at the Forbes Iconoclast conference in New York on Wednesday that "China is making a ton of money" through exports, and is funneling that into AI development that will spur economic growth through productivity gains.
While American companies such as OpenAI and Anthropic review subscription tiers and focus on growing revenues as they prepare to become publicly traded, Chinese companies are pushed to get their models into the hands of as many workers as possible.
"It doesn't have to be expensive or even profitable," Dalio said.
It mimics the path the country took to dominate markets like the electric vehicle industry, where local producer BYD and others have grown rapidly in markets including Europe.
In a panel after Dalio spoke, JPMorgan Chase executive Mary Callahan Erdoes said Chinese AI executives and politicos don't have "this fear of job loss" when it comes to AI, unlike in the US, where it has become a political talking point.
Instead, the country is all about "AI enablement" and focusing on the next industry where it can dominate, said Erdoes, the CEO of JPMorgan's asset management and wealth management businesses.
"Robotics is basically China's next EV," she said.While American companies such as OpenAI and Anthropic review subscription tiers and focus on growing revenues as they prepare to become publicly traded,
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