Former Google CEO, Eric Schmidt has urged lawmakers to fund the research and development in the artificial intelligence space to prevent China from taking the lead as the largest player in the global AI market. He warned that if this issue is not handled urgently then this may trigger national security concerns in the future.

The former Google CEO is the current chairperson of the National Security Commission on artificial intelligence. He has claimed that the United States is lagging behind in AI, additive or 3D robotics, and facial recognition technology. It’s high time to invest in this sphere as it is the future that we all need to embrace.

Schmidt exclaimed that China is aiming to be the market leader for AI by 2030, and if concrete steps are not taken quickly, the United States will lose its lead. If this matter is overlooked then AI technology can be used as a war weapon to spread misinformation against the country.

He proposed that if the US wants to stay in the market as a competitor, it needs to increase the budget for the Research and Development of AI by approximately $1.5 billion to $2 billion each year while doubling it up to $32 billion by 2026.

Schmidt also emphasized the need to increase the public-private partnership in the sector to achieve the desired results in a quick time. The unprecedented increase in AI expenditures will promote private investments in the field.

Schmidt predicts that this particular industry will soar to a worth of $50 trillion over the next 20 years. He insisted that the US needs to invest in this sector so that it develops the technology in-house. If that is not done in time, China will leave the USA on the verge of collapse.