The Race to Become the World's Next Tech Hub
Who will be the leader?
Back in the 1960s all eyes were on the United States and the Soviet Union as they competed in the Space Race – a race to be the first country to land a man on the moon. Today the race is a little closer to home, with states and countries competing to become the next epicenter of technology.
Across the United States, local governments are rolling out initiatives to attract tech talent and foster innovation.
New Jersey is offering $500 million in tax credits to AI companies. To qualify, businesses must invest over $100 million, create more than 100 new full-time jobs, and ensure that 50% of their workforce is involved in AI or that 50% of their revenue comes from AI-related activities.
Illinois has secured over $1 billion in investment from PsiQuantum, which will establish a new quantum and microelectronics park in Chicago, creating more than 154 full-time jobs.
Austin, Texas has seen a boom in startups and Big Tech workforces – growing by 23% and 44% – from 2019 to 2023. Elon Musk's relocation of X headquarters to Austin is expected to bring approximately 1,500 employees to the area.
Phoenix, Arizona is set to host three new fabrication facilities from Taiwan Semiconductor Manufacturing Co. – a $65 billion investment that will create 6,000 tech jobs and over 20,000 construction jobs.
San Francisco remains a key player in tech, with over 50% of last year's global venture capital funding for AI startups going to Bay Area companies.
The quest for tech dominance isn't limited to AI in the US and has become a global focus with countries around the world vying for leadership.
China aims to surpass the US in AI leadership with Alibaba-backed startup Baichuan recently raising $693 million.
France received a $4.4 billion investment from Microsoft to build AI infrastructure, train one million workers, and support over 2,500 AI startups by 2027.
Zanzibar, Canada, and Dubai are also making efforts to attract highly skilled tech workers to boost their local industries.