Google's ultra-private CEO Sundar Pichai is showing me around Googleplex, its California headquarters. A walkway runs along the length of it, passing by a giant dinosaur skeleton, a beach volleyball pitch and dozens of Googlers lunching under the hazy November sun. But it's a laboratory, hidden away at the back of the campus behind some trees, that he is most excited to show me. This is where the invention that Google believes is its secret weapon is being developed. Known as a Tensor Processing Unit (or TPU), it looks like an unassuming little chip but, says Mr Pichai, it will one day power every AI query that goes through Google.

President Joe Biden's recent visit to India and Vietnam marked one of the administration's recent signals for economic and technological "de-risking" with China. The trip followed Biden's executive order, issued in August, that vowed to block U.S. venture capital and private equity investment in Chinese firms working on sensitive technologies such as semiconductors, artificial intelligence, and quantum computing. An era of global venture capital appears to be coming to a close. As Washington attempts to limit cross-border capital flows, however, America might be at risk of forfeiting its own access to Chinese technology and long-standing commitment to global investment. While the executive order is intended to be narrow and targeted at military acquisitions of key technology, it epitomizes a broader trend of increasing scrutiny on high-tech venture investment relationships between the U.S. and China. In a high-profile rebranding, Sequoia Capital recently spun off its highly successful China arm in June.

Fox News host Bret Baier has more on U.S. and its allies efforts to increase semiconductor manufacturing on'Special Report.' The United Kingdom has pledged to spend 100 million pounds (or $125.8 million) on buying and developing computer chips necessary for artificial intelligence (AI) systems in a move that seeks to cement Britain as a global leader in the sector, but experts worry it is not enough to match the competitive market. "The U.K. has a valuable perspective on AI development – sitting between the U.S. free-for-all position and the EU regulatory approach – that makes it the perfect venue for the first international AI global safety conference," Alan Mendoza, co-founder and executive director of the Henry Jackson Society, told Fox News Digital. British Prime Minister Rishi Sunak plans to build thousands of high-powered artificial intelligence chips, building on a deal struck between the U.K. and U.S. during his state visit in June when he and President Biden signed the "Atlantic Declaration." The White House touted the agreement as something that would ensure that the "unique alliance is adapted, reinforced and reimagined for the challenges of this moment," including the "handful of critical and emerging technologies" such as AI that are "forming the backbone of new industries and shaping our national security landscape."

The tech race between China and the U.S. has reached a fever pitch in recent months. The two countries not only have the world's two most robust economies, they're also home to some of the world's most innovative companies. Google, Amazon, Apple and others have long been considered stalwarts in innovation and have changed the world with their technologies, while companies like Alibaba, Huawei and Tencent continually shift our attention to China. When it comes to tech, China has pulled ahead of the U.S. in many areas like artificial intelligence (AI) as well as in the number of investments made by its major tech companies. The U.S, meanwhile, is doing everything it can to regain the lead where it's lost ground and push further ahead where it's already leading.