The rise of AI isn't just a tech story.

It could have profound implications for energy markets, for geopolitics.

And to better understand all this, I'm sitting down today with Jared Cohen, who is our

president of global affairs and co-head of the Goldman Sachs Global Institute.

Jared, welcome back to the program.

Always a pleasure to have you.

So, Jared, we have had a lot of discussions on this program about the many ways that

AI is shaping markets, the many ways that it could shape industries and economies.

But you're focused on what it could shape even beyond that.

Why is this an issue for the U.S.? So look, when it comes to AI, there's a lot of

known unknowns, right? Will it be open-weighted models over-closed models that went out? Will the

use cases ever justify the enormous spend? Who will be the winners and losers? These are all

very interesting questions. None of them are urgent. There's a very urgent question right now,

which is the one that I'm focused on, which is if AI software has to run on AI hardware somewhere,

can the U.S. maintain a leadership position when it comes to generative AI? And the answer comes

down to a larger question about whether or not the infrastructure can be built to keep a pace with the

demand. And the punchline is the U.S. can maintain that leadership position. The infrastructure

can keep up with demand, but not exclusively in the U.S. To me, this is the most urgent,

known, unknown, because if the U.S. wants to continue to dominate in this AI journey and

AI revolution, it's going to need options outside of the U.S. to augment and supplement that.

Why can't the U.S. do this? What is the constraint there? Is it just a funding issue, or is it

actual physical limitations? So there's no shortage of funding in this space.

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