Supply chain and foreign relations experts told Business Insider why the global race for AI dominance keeps drawing comparisons to the Cold War.iStock; Rebecca Zisser/BIThe high demand for advanced semiconductors is increasing tensions between the US and China.Production power is key to the conflict, but tensions have shifted to the supply of raw materials.Supply chain and foreign relations experts told BI why the AI race is similar to a new Cold War.In the race against the US for global tech supremacy, China has the upper hand in at least one critical area: rare earths.The term refers to a group of 17 elements required to make tech products ranging from semiconductors to industrial magnets and some solar panels — the same items embroiled in the US-China trade war.For more than a year, Beijing has slowly been tightening its grip on critical minerals and rare earths.In December, China banned the export of a range of rare earth processing technologies.