"America's assumed place as the technological captain of the world is no longer the acceptable belief," Prakash told CNBC in a phone interview.
"That is the new status quo now, that the space between the U.S. and China has narrowed almost overnight — but it hasn't narrowed overnight, it's been years of progress," Prakash said.
"If there's one takeaway for the West, it's that their understanding of China is incredibly limited — and we don't know what's coming next," he added.