Few multinationals are unscathed. As tensions between China and America ratchet up, chipmakers from Micron to Nvidia have been the target of. TikTok, a Chinese-owned short-video app, is in the sights of American lawmakers. The Biden administration’s plans to curb outbound investment will encompass private-equity giants and venture capitalists. Once-staid carmakers now find their investments in the spotlight, as countries vie to host the next electric-vehicle factory.
The real front is broader and the stakes are higher. Governments seem to be everywhere all at once. They want to correct the problems of globalisation by winning back. They want to enhance national security by protecting vital technologies. And they want to fight climate change by speeding up decarbonisation.
Some companies are wrapping themselves in the flag, so as to become national champions. That has long been the norm in places like China and India, but it is heading West. After Intel broke ground on two chipmaking fabs in America last year, Pat Gelsinger, its head, said that he “could feel the national pride welling up”. Similar jingoism is on display over generativeconquering the world.