How will emerging autonomous and intelligent systems affect the international landscape of power and coercion two decades from now? Will the world see a new set of artificial intelligence (AI) hegemons just as it saw a handful of nuclear powers for most of the twentieth century? Will autonomous weapon systems make conflict more likely or will states find ways to control proliferation and build deterrence, as they have done (fitfully) with nuclear weapons? And importantly, will multilateral forums find ways to engage the technology holders, states as well as industry, in norm setting and other forms of controlling the competition? The answers to these questions lie not only in the scope and spread of military applications of AI technologies but also in how pervasive their civilian applications will be.