Large Us firms lead on investment, outpacing their European counterparts. Considers only public companies; excludes intangible assets. Historical spending for both Europe 30 and the US is adjusted for inflation; for the US, spend is converted from euros to dollars using the foreign exchange rate 6Adjusted for inflation. In nominal terms, factor increases are, respectively: 63x, 13x, 185x, 7x, and 11x. Source: AMECO; The Conference Board; S&P Global Market Inteligence; US Bureau of Labor Statistics; World Bank; McKinsey Value Inteligence; McKinsey Private-sector investment in frontier technologies exceeded $1 trillion between 2021 and 2024, complemented by more than $50 billion in federal R&D funding.23 The return on investment is striking: America has outperformed in intellectual property and critical technologies. The World Index.24 And compared with other major economies, the United States has more than a tenfold lead accounting for more than half of the world's total.25 start-ups attract and develop many of the greatest minds from all over the world, paving the way for ongoing success in science and technology. Today, nearly 40 percent of the world's leading scientists, or those in the top 200,000 globally by citations, are based in the United States; no other Past success does not guarantee future results, of course, and the US lead in technology is narrowing as China becomes more competitive. Some are now warning of a second "China shock," should China displace American leadership in critical technologies.28 Beyond simply focusing on the gaps of the past, the United States needs to prepare for leadership in the industries that will be most important in the coming decades. Future competitiveness increasingly hinges on leadership in critical technologies, such as Al, robotics, biotechnology, At 250, sustaining America's competitive edge