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

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Wells Fargo

CEO Charlie Scharf and Pfizer

CEO Albert Bourla sounded the alarm Wednesday over the potential for the the U.S. to lose its competitive edge to China, but said artificial intelligence could help America maintain its lead.

Speaking at CNBC's inaugural Invest in America Forum in Washington, D.C., the two executives said that while the U.S. still leads in many sectors, inconsistent policy and underinvestment is ceding ground to China. AI, they said, poses both risks and benefits for the U.S. economy.