America thinks Britain is finished

‘What’s missing?’ the tech titan Peter Thiel asks me, over lunch on the hummingbird-infested patio of his house in the Hollywood Hills. He gestures at the city of Los Angeles laid out in the haze below us. ‘Cranes!’ he explains. Thiel has argued for years that America has done most of its innovation in digital ‘bits’ instead of physical ‘atoms’, because bureaucracy, regulation and environmentalism have got in the way of the latter. While software has exploded, transport and infrastructure have stagnated. But over the next few days in Austin, Texas, and around San Francisco Bay, I see evidence this is changing. Travelling with the upbeat co-founders of the Rational Optimist Society, Stephen McBride and Dan Steinhart, we seek out companies that are inventing everything from cheaper supersoni