Major technology executives, including Elon Musk and Apple’s Tim Cook, navigated through activists and a significant police presence to attend a highly coveted event—an evening with Chinese President Xi Jinping amidst the Asia-Pacific Economic Cooperation summit dominating the region this year.
At a breakfast priced at $2,000 per plate, Xi underscored America and China’s wartime camaraderie during World War II and expressed his commitment to being a partner rather than a competitor to the United States. Cook and BlackRock CEO Larry Fink were among the nearly 300 attendees.
During this gathering, Amazon CEO Marc Benioff shared a photo of Musk with the caption “San Francisco, here we come!” on X, formerly known as Twitter, signaling their presence at the APEC event.
Tech leaders are optimistic about the thaw in relations between the two economic powerhouses, hoping it will mitigate risks to the billions in revenue generated from Chinese consumers and the vital trans-Pacific supply chains. This positive sentiment has driven up the stock prices of tech giants like Nvidia and Google.
While the focus remains on cutting-edge artificial intelligence and the necessary technology, discussions and well-wishes abound. The United States has restricted the export of advanced computer chips to China, citing national security concerns.
President Biden and Xi engaged in extensive discussions on AI earlier this year, with the White House later announcing plans to address the risks associated with superior AI systems through bilateral talks. Despite the trade controls on AI-related chips, Biden emphasized the competitive nature of the U.S.-China relationship.
Eurasia Group’s Ian Bremmer highlighted the looming tech cold war between the U.S. and China, stressing that the issue remains unresolved.
The tech industry has been gripped by AI fever since OpenAI unveiled ChatGPT, leading to a rush in developing AI-based products. Governments worldwide are exploring regulatory frameworks for AI amid concerns about its potential hazards.
Export controls on devices have gained significance due to the AI boom, particularly impacting companies like Nvidia, whose stock has surged as demand for AI chips outpaces supply. While these restrictions are primarily targeted at China’s military, they have broader implications.
At the APEC CEO conference, tech leaders emphasized the importance of AI in shaping the global market. Google CEO Sundar Pichai highlighted the need for international cooperation to establish guidelines for responsible AI development.
Biden echoed the sentiment, stressing the pivotal moment the world faces in AI advancement. Tech executives, while cautious about public statements, have expressed concerns about the long-term effects of trade restrictions on their businesses.
Despite the intertwined nature of the technology industry with China, U.S. tech firms are apprehensive about the current trajectory but feel constrained in voicing their opposition to export restrictions publicly. The sector’s reliance on foreign markets and Chinese talent underscores the complexities at play.
