US Presidential Election 2024: What it Means for AI and Innovation

The results of the 2024 US Presidential Election are finally in, and the world is abuzz with reactions. Discussions are heating up across industries, and in particular, the AI sector is paying close attention. Why? Because each candidate had distinctly different views on the role of innovation—especially AI—in America’s future.

With Kamala Harris following Biden's legacy, her vision for AI was one of responsible innovation, emphasizing ethical guidelines, international collaboration, and robust privacy protections. Her “responsible innovation” stance focused on creating safe, transparent AI systems to benefit society.

In contrast, Donald Trump advocated for rapid AI growth as a driver for America’s competitive edge and economic expansion. His win signals a new era, particularly with his alliance with Elon Musk, which brings a pro-business perspective with a focus on fostering innovation to strengthen the American economy.

What Does a Trump Win Mean for the AI Industry?

Now that Trump has won, AI industry leaders are expecting an environment more conducive to fast-paced growth. A recent survey shows that 82% of companies plan to increase their AI investments by over 50% in the coming year. The main areas of focus include AI-specific talent (60%), cybersecurity (49%), and back-office functions (45%) EY Survey, 2024.

"Coming off a sluggish tech market in 2024, the 2025 trajectory is bullish, as companies focus on raising capital to invest in growth and emerging technologies like AI," says James Brundage, EY’s Global and Americas Technology Sector Leader.

Investors and Economic Growth: A New Chapter

The pro-business stance of Trump’s administration could have significant impacts on investor confidence and market performance. Brianne Gardner, Senior Wealth Manager at Velocity Investment Partners, highlights the importance of a president who fosters economic growth. Mona Heidari, Senior Financial Advisor at BlueShore Financial, adds that Trump's focus on reducing red tape and tax cuts may strengthen investor sentiment, potentially boosting the stock market and investment in emerging technologies.

With the election behind us, the direction is clear: the stage is set for AI-driven growth, underpinned by a commitment to accelerating American innovation. For those in the AI landscape, and those wanting to implement AI, the next few years promise substantial opportunity and transformation.