OpenAI CEO Sam Altman and executives from Microsoft and chipmaker Advanced Micro Devices testified on Capitol Hill about the biggest opportunities, risks and needs facing an industry which lawmakers and technologists agree could fundamentally transform global business, culture and geopolitics.

The hearing comes as the race to control the future of artificial intelligence is heating up between companies and countries. Altman’s OpenAI is in a furious race to develop the best artificial intelligence model against tech rivals like Alphabet and Meta, as well as against those developed by Chinese competitors.

“I believe this will be at least as big as the internet, maybe bigger,” Altman said in his opening remarks about AI’s potential to transform society. “For that to happen, investment in infrastructure is critical.” Altman urged senators to help usher in the “dual revolutions” of artificial intelligence and energy production that “will change the world we live in, I think, in incredibly positive ways.”

The witnesses included Altman; Lisa Su, chief executive of semiconductor maker AMD; Michael Intrator, co-founder of AI cloud computing startup CoreWeave; and Brad Smith, vice chair and president of Microsoft. The four executives unanimously urged lawmakers to help streamline policy for AI-related projects and fundraising.

The hearing spanned topics ranging from industry debates over chip performance, jobs, human relationships and power generation to grander questions about the global competition with China and the European Union.

“China aims to lead the world in AI by 2030,” said Sen. Ted Cruz, chair of the Senate Commerce, Science and Transportation Committee. “In this race, the United States is facing a fork in the road. Do we go down the path that embraces our history of entrepreneurial freedom and technological innovation? Or do we adopt the command and control policies of Europe?”

Senators were broadly sober in their questioning and united in their concern that the U.S. maintain its dominance in artificial intelligence. Lawmakers from both parties also raised concerns over cybersecurity, data privacy and AI’s ability to create content that could confuse or mislead people.

The hearing maintained a low-key tenor and some bipartisan joking as lawmakers and executives discussed the potential of a technology all present agreed would determine humanity’s future.

“Look, there is a race, but we need to understand what we’re racing for,” Sen. Brian Schatz, a Hawaii Democrat, told the witnesses. “It’s not just a sort of commercial race, so we can edge out our nearest competitor in the public sector or the private sector. We’re trying to win a race so that American values prevail.”

Several of the executives warned against U.S. export controls that could end up pushing other countries toward China’s AI technology.

“We totally understand as an industry the importance of national security,” Su said. But she added, if not able to “have our technology adopted in the rest of the world, there will be other technologies that will come to play.” Those technologies are less advanced today but will mature over time, she said.

Trade rivalry between the U.S. and China has been weighing heavily on the AI industry, including California-based chipmakers Nvidia and AMD.

The Trump administration announced in April that it would restrict sales of Nvidia’s H20 chips and AMD’s MI308 chips to China.

Nvidia has said the tighter export controls will cost the company an extra $5.5 billion. AMD said after reporting its quarterly earnings this week that it will cost the firm $1.5 billion in lost revenue over the coming months.