TLDR: U.S. AI growth is hitting a wall because the power grid is weak and slow to expand. China has huge surplus power and uses data centers to soak it up. State-led, long-term planning gives China an edge, and the U.S. will fall behind unless it changes.
Funnily enough that’s also more or less in line with PPP adjusted GDP rankings:
https://www.worldeconomics.com/Rankings/Economies-By-Size.aspx
Country GDP PPP 2025 (Billions, Int$)
China 43,203.79
US 27,614.91
India 21,874.99
Russia 7,687.97
Japan 6,379.74
Indonesia 6,220.25
Germany 5,779.61
Brazil 5,600.03
France 4,450.91
UK 4,213.25
But energy consumption figures are still the better measure to use because even adjusted for PPP, GDP is over-inflated for neoliberal economies thanks to all their non-productive finance bullshit.