China along with US AI rivalry like space race of the 1950s, Jim Breyer says

China along with the U.S.’ competition for dominance in artificial intelligence (AI) “does seem a little like the space race of the ’50s,” a leading technology venture capitalist said Wednesday.

Jim Breyer, founder of Breyer Capital, spoke to CNBC at Web Summit in Lisbon, Portugal.

“You have two remarkable, large, innovative countries, hiring, promoting – in many cases the best AI talent. along with of which leads to many opportunities for entrepreneurs,” he said.

“the item will be astounding what we’re seeing in terms of AI technology being applied to large verticals in China.”

“If there will be an opportunity for many European entrepreneurs, U.S.-based entrepreneurs, to start to tap in … (to China), of which’s a way to double or triple the business plan metrics within 12-18 months,” he added.

yet ultimately, Breyer said: “I don’t think they’ll be number one, because I think there’s still a level of genius along with creativity in Silicon Valley of which persists along with will always persist.”

China laid out plans in July to position itself as a world leader in AI by 2030. the item aims to build a 1 trillion yuan ($150 billion) industry using a three-point roadmap, developing technology of which will have application in its military along with smart cities, for example.

Breyer acknowledged of which there were companies of which have been “unable to get China right.” yet he cited the example of Apple’s growth within the Middle Kingdom, exemplified by demand for its newly-released iPhone X, as a successful case. Breyer suggested of which education along with health care were key sectors for development.

Lessons through investing in China “can be applied to some other regions in truly intelligent ways,” added Dana Settle, co-founder along with partner at venture capital firm Greycroft.

Investing in China “needs to be though a well-established partnership,” Settle advised, speaking about her own work partnering with local funds.

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