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close video What does the US need to gain the AI “edge” over China?

AI runs on an internet connection and whatever country can provide widespread broadband will have an advantage in the field, a Milken Institute director says.

Countries that invest in widespread broadband access and internet connectivity will gain an edge in AI technology, a financial tech director told Fox News. 

"We have an issue right now with broadband access," Nicole Valentine, the fintech director of the Center for Financial Studies at the Milken Institute, an economic think tank, said. "If we open up this divide of broadband, we open up the opportunities, then we can bring more people to the table, more solutions to the table, more ideas to the table." 

ChatGPT lists ways AI can help humanity. (Leon Neal/Getty Images / Getty Images)

AI programs such as ChatGPT, Stable Diffusion and AutoGPT require a stable internet connection to analyze data and create information for users. However, 19 million Americans — or 6% of the population — have below average speeds, according to a report from the Federal Communications Commission.EXPANDED BROADBAND ACCESS WILL GIVE US EDGE IN AI RACE: FINTECH DIRECTOR close video What does the US need to gain the AI “edge” over China?

AI runs on an internet connection and whatever country can provide widespread broadband will have an advantage in the field, a Milken Institute director says.

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Increasing internet accessibility with consistent speeds can effectively broaden the number of people who use AI, Valentine told Fox News. Making the technology more widely available within the U.S. means more consumers can become fluent with it, allowing for more innovation — and will ensure America has an "edge" in the space as other countries adopt machine learning, she said.

"What I love about generative AI is its ability for us to actually look at all of this data and create a big application on top of it," Valentine told Fox News. "So the fact that we can take platforms, we can take datasets, we can make it all smarter, that's what's most important."

Increasing access to broadband internet will put AI in the hands of more Americans, giving the U.S. an edge in AI, Nicole Valentine told Fox News. (Fox News Digital/ Nikolas Lanum / Fox News)

"AI has had the highest adoption rate, higher than the Internet, faster than the Internet," she said. "It's one of those applications that if put into the hands of platform owners, retail consumers, businesses, it's going to basically increase productivity."

The Milken Institute, an independent economic think tank, hosted a summit this week where speakers and atendees were widely supportive of the expansion of AI in the U.S.

Other countries have also been quick to embrace AI.

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China has a robust AI sector and is a key competitor in the race for dominance over the technology, China researcher Gordon Chang told Fox News last month. And from 2015 to 2021, U.S. firms invested over $40 billion in Chinese AI companies, according to a Georgetown University study. 

President Joe Biden is mulling an executive order to restrict China from accessing U.S. AI technology, according to reports. (The Image Direct for Fox News Digital / Fox News)

In an effort to keep an advantage regarding AI, the White House is mulling an executive order keeping technology-related investments out of China.

Valentine said the U.S. should look to bolster domestic AI accessibility. 

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"We have all of this technology in areas that are more concentrated," Valentine said. Investing in expanding AI access will help the country "deal with the biggest issues of our time," she said.

"AI is going to be a great tool," Valentine told Fox News. "It's a tool that we all need to know how to use."

To watch the full interview with Valentine, click here. 

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Crypto isn’t crashing the American dream; it’s renovating it

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Crypto isn’t crashing the American dream; it’s renovating it

Crypto isn’t crashing the American dream; it’s renovating it

The US housing regulator’s decision to recognize crypto assets in mortgage applications marks a historic shift from exclusion to integration, opening new pathways to homeownership.

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US and EU agree trade deal, says Donald Trump

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US and EU agree trade deal, says Donald Trump

The United States and European Union have agreed a trade deal, says Donald Trump.

The announcement was made as the US president met European Commission chief Ursula von der Leyen at one of his golf resorts in Scotland.

Speaking after talks in Turnberry, Mr Trump said the EU deal was the “biggest deal ever made” and it will be “great for cars”.

The US will impose 15% tariffs on EU goods into America, after Mr Trump had threatened a 30% levy.

He said there will be an EU investment of $600bn in the US, the bloc will buy $750bn in US energy and will also purchase US military equipment.

Mr Trump had earlier said the main sticking point was “fairness”, citing barriers to US exports of cars and agriculture.

He went into the talks demanding fairer trade with the 27-member EU and threatening steep tariffs to achieve that, while insisting the US will not go below 15% import taxes.

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For months, Mr Trump has threatened most of the world with large tariffs in the hope of shrinking major US trade deficits with many key trading partners, including the EU.

Ms von der Leyen said the agreement would include 15% tariffs across the board, saying it would help rebalance trade between the two large trading partners.

In case there was no deal and the US had imposed 30% tariffs from 1 August, the EU has prepared counter-tariffs on €93bn (£81bn) of US goods.

Ahead of their meeting on Sunday, Ms von der Leyen described Mr Trump as a “tough negotiator and dealmaker”.

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US and EU agree trade deal, says Donald Trump

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US and EU agree trade deal, says Donald Trump

The United States and European Union have agreed a trade deal, says Donald Trump.

The announcement was made as the US president met European Commission chief Ursula von der Leyen at one of his golf resorts in Scotland.

Speaking after talks in Turnberry, Mr Trump said the EU deal was the “biggest deal ever made” and it will be “great for cars”.

The US will impose 15% tariffs on EU goods into America, after Mr Trump had threatened a 30% levy.

He said there will be an EU investment of $600bn in the US, the bloc will buy $750bn in US energy and will also purchase US military equipment.

Mr Trump had earlier said the main sticking point was “fairness”, citing barriers to US exports of cars and agriculture.

He went into the talks demanding fairer trade with the 27-member EU and threatening steep tariffs to achieve that, while insisting the US will not go below 15% import taxes.

More from World

For months, Mr Trump has threatened most of the world with large tariffs in the hope of shrinking major US trade deficits with many key trading partners, including the EU.

Ms von der Leyen said the agreement would include 15% tariffs across the board, saying it would help rebalance trade between the two large trading partners.

In case there was no deal and the US had imposed 30% tariffs from 1 August, the EU has prepared counter-tariffs on €93bn (£81bn) of US goods.

Ahead of their meeting on Sunday, Ms von der Leyen described Mr Trump as a “tough negotiator and dealmaker”.

Follow the World
Follow the World

Listen to The World with Richard Engel and Yalda Hakim every Wednesday

Tap to follow

This breaking news story is being updated and more details will be published shortly.

Please refresh the page for the latest version.

You can receive breaking news alerts on a smartphone or tablet via the Sky News app. You can also follow us on WhatsApp and subscribe to our YouTube channel to keep up with the latest news.

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