Scott Bessent Projects US AI Compute Dominance by 2028

Treasury Secretary Scott Bessent characterized the artificial intelligence competition between the United States and China as existential, warning that an American defeat would negate all other national efforts. Speaking at the Charlotte City Club on September 2, Bessent stated the U.S. currently maintains a six-month lead in AI compute capacity. He projected that the U.S. will control 80% of global computing power by 2028, an increase from approximately 60% in 2025.

Bessent attributed this projected growth to the Trump administration's specific energy, tax, and regulatory policies. He emphasized the integration of AI within the pharmaceutical and industrial sectors as a key driver of national wealth. Additionally, he promoted Trump Accounts, a federal initiative providing $1,000 investment accounts for children born during the second Trump term to increase stock market participation for American families.

These remarks followed a G20 Finance Ministers’ meeting in Asheville, which failed to produce a unanimous communiqué. The Government of China rejected the closing consensus due to disputes regarding non-market economic practices and export-distortion policies.