Ex-Google CEO says US could lose AI race as China doubles down on application

Eric Schmidt, former CEO of Google, urged American artificial intelligence (AI) leaders to face the growing competition posed by China’s advances in the sector. Schmidt said the US had a headway, but could lose its edge as Beijing stresses on practical applications and open-source development.

“They (China) are not pursuing crazy AGI (artificial general intelligence) strategies partly because the hardware limitations that the US has put in place, but partly because the depth of their capital markets don’t exist. They can’t raise $100 million or its…