Modern global conflict is primarily economic, not kinetic. Nations now engage in strategic warfare through currency debasement, asset seizures, and manipulating capital flows. The objective is to inflict maximum financial damage on adversaries, making economic policy a primary weapon of war.

The justification for accelerating AI development to beat China is logically flawed. It assumes the victor wields a controllable tool. In reality, both nations are racing to build the same uncontrollable AI, making the race itself, not the competitor, the primary existential threat.

Modern multinationals avoid the high cost and risk of securing foreign markets themselves. Instead, they 'draft' behind the U.S. government, which uses its diplomatic and military power to create favorable conditions. This effectively socializes geopolitical risk for corporations while they privatize the profits.

Companies like Google were so cash-rich they didn't need Wall Street or other powerful trading partners. This financial independence meant that when they faced political threats, they lacked a coalition of powerful allies whose own financial interests were tied to their survival, making them politically vulnerable.

Major tech companies view the AI race as a life-or-death struggle. This 'existential crisis' mindset explains their willingness to spend astronomical sums on infrastructure, prioritizing survival over short-term profitability. Their spending is a defensive moat-building exercise, not just a rational pursuit of new revenue.

Don't overlook seemingly "boring" industries like cybersecurity or compliance. These sectors often have massive, non-negotiable budgets and fewer competitors than glamorous, consumer-facing markets. Solving complex, high-stakes problems for large companies is a direct path to significant revenue.

Generative AI's positive impact on cybersecurity spending stems from three distinct drivers: it massively expands the digital "surface area" needing protection (more code, more agents), it elevates the threat environment by empowering adversaries, and it introduces new data governance and regulatory challenges.

Geopolitical shifts mean a company's country of origin heavily influences its market access and tariff burdens. This "corporate nationality" creates an uneven playing field, where a business's location can instantly become a massive advantage or liability compared to competitors.

Assets like launch capabilities, energy access, or media influence may not generate strong cash flows but provide immense strategic leverage. In an era of competing power blocs, controlling these strategic assets is becoming more valuable than traditional financial metrics suggest, a shift that markets struggle to price.