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Bailey warns AI may not ‘live up’ to market expectations
Andrew Bailey said AI could boost productivity and growth, but warned that cyber threats and overvaluation could threaten financial stability.
- Bank of England Governor Andrew Bailey warned at the Swiss Institute of International Studies in Zurich that frontier AI increases cyberattack risks and threatens financial stability.
- The National Cyber Security Centre warned last week that Britain faces the prospect of AI-boosted attacks on critical national infrastructure within the next two years.
- Vulnerabilities can be "discovered and exploited at a scale that was once unimaginable," Chief Executive Richard Horne said, while Bailey demanded "more extensive model testing" and "better incident reporting, monitoring and follow up."
- Bailey also noted risks of an "asset price bubble in AI," where companies might be overvalued and investor returns could take longer to materialize than current market expectations suggest.
- Despite these risks, Bailey stressed he remains an "optimist on AI, digital technology and most probably robotics too," noting they have potential to "lift the sustainable growth rates of many economies through raising productivity growth.
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Bailey warns AI may not ‘live up’ to market expectations
Bank of England governor Andrew Bailey has warned that AI “may not live up to market expectations” and deliver returns fast enough to investors, risking a sharp fall in valuations. Bailey said in a speech in Zurich that it may take longer for investors to reap the benefits of heavy AI investment than it is [...]
·London, United Kingdom
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Bank of England’s Bailey sees early signs of an AI-driven positive supply shock
AI's potential to boost UK growth is promising, but financial stability risks loom if productivity gains don't meet expectations. The post Bank of England’s Bailey sees early signs of an AI-driven positive supply shock appeared first on Crypto Briefing .
Governor Bailey warns that the cyber risks of the AI fronter increase the speed and extent of cyber attacks.
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Leaning Left2Leaning Right0Center2Last UpdatedBias Distribution50% Left, 50% Center
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50% Center
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