New Delhi: The 20th century was undeniably the era of financial capital. Nations that controlled the flow of money and the levers of global trade dominated the world stage. Institutions like the IMF, World Bank, and Wall Street formed the backbone of this economic hegemony, enabling powerful nations like the United States to shape global affairs. But as history marches on, power dynamics evolve. Today, we are witnessing a seismic shift. The 21st century belongs to data capital, with data and cloud infrastructure emerging as the new tool of control.

The United States is leading this charge. On January 21, 2025, President Donald Trump announced the “Stargate” project, a $500 billion initiative to build America’s artificial intelligence (AI) infrastructure. This is no small undertaking. With the support of companies like OpenAI, Oracle, and SoftBank, the project aims to create vast AI data centres across the U.S., starting in Texas. The scale is staggering, but the stakes are even higher. The U.S. is positioning itself as the world leader in the emerging data economy. The project promises to generate over 100,000 jobs, revolutionise industries like healthcare, and cement America’s dominance in a world where data is the new currency.

Data has become the raw........

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