The need for massive upfront investments and the likelihood of significant job displacement imply remarkable parallels between the AI buildout and the green transition. In both cases, the state has an important role to play in guiding market forces on behalf of the public good. CHICAGO/NEW YORK—The AI race is already generating forces that are transforming the global economy. That makes it surprisingly similar to the green transition, given the potential of both to upend traditional industries, labor markets, and geopolitical balances. Both call for trillions of dollars in upfront investments in exchange for significant benefits over the medium and long...