Title page
Contents
Acknowledgements 3
Executive Summary 4
Résumé 6
Introduction 9
Growing scrutiny of outbound investments 9
Methodology 11
Overview of investments 16
Four rapidly growing sectors 17
The AI boom 17
Biotechnology, a key sector impacted by the pandemic 18
Strong growth in semiconductors since 2019 19
Investments in quantum technology: fewer and more Chinese 20
A look at investors 21
Very modest European investment 27
Europe rarely invests alone 28
AI is the first target 29
The predominance of German investors 29
The European top 3: Germany, France and the Netherlands 31
German investments 31
French investments 33
Dutch investments 34
American investments: more numerous and more problematic 36
Who is the U.S. investing with? 38
Is the U.S funding the Chinese quantum computers? 39
Major U.S. investors already on Congress' radar 41
Several U.S. investments in sanctioned Chinese companies 43
Methodological and Political Obstacles to Overcome 47
Conclusion 49
Appendix 1: clarifications on the methodology 50
Appendix 2: code 56
Appendix 3: funding types 57