In several industrial sectors, induction machines are being replaced with permanent magnet based alternatives, owing to the potential for higher power density and efficiency. However, high-speed applications feature a wide flux-weakening region, where advanced induction machines could bring benefits in terms of system-level optimization. This paper gives an overview the technological challenges for high-speed drives with induction machines, materials, simulations and future challenges for the power electronics in these applications. The target application is a high-speed induction machine for a naval turbocharging system. The comparison with permanent magnet synchronous machines will demonstrate how the extended flux weakening operation effectively allows for a weight reduction of the overall system.