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Bank of England Governor Warns Artificial Intelligence Could Trigger Financial Market Shocks
Bank of England Governor Andrew Bailey has warned that artificial intelligence (AI) could trigger severe shocks across financial markets and stressed that the UK must be prepared for them. Bailey stated that the central bank is monitoring the massive inflows of investment into AI firms 'very carefully,' adding a reminder that 'not everybody always wins.'
His warning comes as huge sums poured into tech firms have propelled their market valuations into trillions of dollars, making chipmaker Nvidia the world's most valuable listed company. Asked whether an AI bubble could burst, Bailey acknowledged that market asset prices could see a correction at some point, emphasizing that while AI holds immense potential to fuel economic growth, it also brings substantial systemic risks.
Drawing parallels to the early tech era, Bailey noted that Google was not the first market leader in internet search but Netscape—a company that no longer exists today. He emphasized that the Bank of England is preparing for potential market disruptions to ensure the financial system remains resilient. [BBC News](https://www.bbc.com)
Bank of England Governor Andrew Bailey has warned that artificial intelligence (AI) could trigger severe shocks across financial markets and stressed that the UK must be prepared for them. Bailey stated that the central bank is monitoring the massive inflows of investment into AI firms 'very carefully,' adding a reminder that 'not everybody always wins.'
His warning comes as huge sums poured into tech firms have propelled their market valuations into trillions of dollars, making chipmaker Nvidia the world's most valuable listed company. Asked whether an AI bubble could burst, Bailey acknowledged that market asset prices could see a correction at some point, emphasizing that while AI holds immense potential to fuel economic growth, it also brings substantial systemic risks.
Drawing parallels to the early tech era, Bailey noted that Google was not the first market leader in internet search but Netscape—a company that no longer exists today. He emphasized that the Bank of England is preparing for potential market disruptions to ensure the financial system remains resilient. [BBC News](https://www.bbc.com)