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Re: AI - it’s the future?
https://www.bbc.co.uk/news/articles/c99dym3prl1o
Quote:
The governor of the Bank of England has warned G20 finance ministers that artificial intelligence could cause a global economic downturn and pose a significant cyber security risk to financial systems.
Andrew Bailey said any collapse of growth in the AI sector could lead to a "future market correction" that spreads worldwide.
In an open letter to finance ministers in the US on Monday, he said companies around the world should prepare for security breaches "involving simultaneous disruption across multiple firms".
Earlier this month, a group of 100 firms, including Google, Microsoft, Anthropic and OpenAI, urged countries and groups to beef up their cyber defences before AI grows powerful enough to override them.
Bailey told the G20 finance ministers that a combination of highly priced stock markets, increased borrowing by investors, and the growing concentration of money into a small number of major technology companies could amplify any future market correction.
"The issue is not simply that investors are borrowing more, but that leverage is interacting with high valuations and market concentration, in particular the increasing cross-investment between artificial intelligence (AI) companies and hyper scalers, in a way that could amplify a future market correction," he said.
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tl:dr - too much of the world’s economy is concentrated in a small number of over-priced over-hyped tech companies, whose inflated stock valuations are depending on "something magic happening" with AI, and if there isn’t a pot of gold at the end of this imaginary rainbow, it’ll make the dot-com bubble bursting and the 2008 Financial Crash look like a small blip in the Market…
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