That is the title of my latest Free Press column, here is the closing bit:

Sick and elderly Americans will go to Chinese companies for their AI-invented and AI-tested medical devices and drugs. America still will be a wealthy country, so China will charge the highest prices possible, yet prioritize Chinese citizens for treatment. Large numbers of Americans will die prematurely, at least compared to a world in which many of those innovations came from the U.S. My colleague Alex Tabarrok has coined the phrase invisible graveyard to refer to these lost lives, invisible because we do not observe the state of the world where they get treatment readily and cheaply. Over time, this invisible graveyard will swell into the many millions.

Finally, we will ask what went wrong.

The postmortem will be this. Many people panicked about the possibility of strong AI models killing us all. That fear was not based on peer-reviewed scientific research showing a high chance of doom, nor was doom indicated in any market prices of the time, including measures of risk. It was a story, just like this is a story, and it was spread on social media. The key point of the doom story was that, if America keeps the No. 1 spot in AI models, the models will be so strong they will do us all in, or lead to unimaginable catastrophes. We were too afraid to have America keep the lead, forgetting that if truly destructive AI is our fate, the doomer scenario can come from Chinese AI as well.

Today, we cannot say for sure that the AI doom scenario is false. But is it a story we wish to live by? Is belief in it a good way to protect and extend life, liberty, and the pursuit of happiness? Will it help us much, or for long, if it is Chinese AI that turns on us and does us in?

In my view, successful societies accept challenges and meet them. Solving problems, bit by bit, is the best way to ensure that we have the capabilities to meet big and truly existential risks, should those risks come along. Debating the chances of our doom, ex ante, on a highly speculative basis, is unlikely to provide the same kind of expertise and talent cultivation. It is instead more likely to demoralize and immobilize us.

So which America are we going to choose?

Recommended, do read the whole thing.