Trump Calls AI 'Bigger Than Oil', Warns US Can't Lose Crypto Dominance to China

US President Donald Trump has made comments on the importance of artificial intelligence (AI) and cryptocurrency in the global technology landscape. He stated that AI is 'bigger than anybody ever thought possible' and that it will ultimately dwarf oil as a source of economic value. The comments were made during an interview with Punchbowl News, where Trump also emphasized the significance of abundant energy in determining which country leads the AI race.

Trump pointed out that China's ability to create large amounts of energy through coal, oil, and gas gives them an advantage in the AI sector. However, he emphasized that the US cannot allow China to dominate the field of cryptocurrency, stating that 'crypto is strategically important' because it would give China another source of economic power if the US doesn't have it.

The comments come at a time when technology companies are investing heavily in AI infrastructure and data center expansion. The Global X Artificial Intelligence & Technology ETF (AIQ) has edged 0.5% higher in pre-market trade, with retail sentiment on Stocktwits trending in 'bullish' territory over the past day.

Trump's comments also highlighted the importance of Texas and its role in hosting data centers, which he described as a 'big deal.' He added that data centers could be bigger than oil, echoing his previous statements about New York's approach to data center development.