National Artificial Intelligence (AI) strategies articulate imaginaries of the integration of AI into society and envision the governing of AI research, development and applications accordingly. To integrate these central aspects of national AI strategies under one coherent perspective, this paper presented an analysis of Germany’s strategy ‘AI made in Germany’ through the conceptual lens of ordoliberal political rationality. The first part of the paper analyses how the guiding vision of a human-centric AI not only adheres to ethical and legal principles (...) consistent with Germany’s liberal democratic constitutional system but also addresses the risks and promises inherent to the ordoliberal problematization of freedom. Second, it is scrutinized how the strategy cultivates the fear of not achieving technological sovereignty in the AI sector. Thereby, it frames the global AI race as a race of competing (national) approaches to governing AI and articulates an ordoliberal approach to governing AI (the ‘third way’), according to which government has to operate between the twin dangers of governing too much and not governing enough. Third, the paper analyses how this ordoliberal proportionality of governing structures Germany’s Science Technology & Innovation Policy. It is shown that the corresponding risk-based approach of regulating AI constitutes a security apparatus as it produces an assessment of fears: weighting the fear of the failure to innovate with the fear of the ramifications of innovation. Finally, two lines of critical engagement based on this analysis are conducted. (shrink)