CEOs of Wells Fargo and Pfizer caution the U.S. could lose its edge to China without innovation

Key Points

Wells Fargo CEO Charlie Scharf said AI is boosting productivity but will likely reduce workforce size.
Pfizer CEO Albert Bourla warned China is closing the biotech and pharmaceutical patent gap rapidly and said the U.S. needs to focus on innovation.
Speaking at CNBC’s inaugural Invest in America Forum, both CEOs agreed that the time is now for new investments in technology and manufacturing to ensure competition in the global economy.

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