INTRODUCTION 8
Growing scrutiny of outbound investments 8
Methodology 10

OVERVIEW OF INVESTMENTS 15
Four rapidly growing sectors 16
　The AI boom 16
　Biotechnology, a key sector impacted by the pandemic 17
　Strong growth in semiconductors since 2019 18
　Investments in quantum technology: fewer and more Chinese 18
A look at investors 20

VERY MODEST EUROPEAN INVESTMENT 26
Europe rarely invests alone 27
AI is the first target 28
The predominance of German investors 28
The European top 3: Germany, France and the Netherlands 30
　German investments 30
　French investments 32
　Dutch investments 33

AMERICAN INVESTMENTS:
MORE NUMEROUS AND MORE PROBLEMATIC 34
Who is the US investing with?36
Is the US funding the Chinese quantum computers?36
Major US investors already on Congress’ radar39
Several US investments in sanctioned Chinese companies 41

METHODOLOGICAL AND POLITICAL OBSTACLES TO OVERCOME  45

CONCLUSION  47