This paper, titled "AI Capital: The New Currency of Global Dominance", fundamentally argues that the current wave of Artificial Intelligence (AI) is redefining global economics and power dynamics. Alex Chan asserts that AI Capital is the single most consequential form of wealth emerging in the 21st century.
AI Capital is defined as a new form of wealth or power generated and accumulated by AI as a new means of production. Its critical significance lies in its potential to generate and accumulate economic output that may be even greater than that built by mankind through traditional labor. This makes AI Capital the foundation for both global economic dominance and military supremacy in a fierce international race.
The paper argues three core claims, centrally establishing that AI Capital is a composite asset built upon three interdependent pillars: Foundational Infrastructure (e.g., chips, energy), Algorithmic Intelligence (e.g., models, data, IP), and Strategic Human Structure (e.g., talent, governance). Mastery across all three pillars is the minimum requirement for long-term relevance and sovereignty in an AI-driven global landscape.
Control of this capital drives profound economic and military asymmetries that create winners and laggards at national and corporate levels. For nation-states, AI Capital is the axis of geopolitical power. Ultimately, the paper contends that the future distributional outcomes of this capital will be determined not by technology alone, but by the proactive choices of governments, firms, and citizens, presenting a choice between unprecedented prosperity and systemic inequality.