AI summary
Summary of article:
Besant played down concerns about an AI bubble at a closed-door meeting in New York, saying no systemic problems could be seen, and stressed that top talent and funds continue to flow into the AI industry.
finance ministerBesant He told investors in a closed meeting that he did not believe there were “systemic problems” with the AI boom, downplaying concerns that the AI industry could be entering a bubble. At this point, some market participants worry that this wave of euphoria could repeat the situation before the dot-com bubble burst around 2000.
The British Financial Times reported that Besant attended a meeting in New York on Wednesday (21st) and talked with hundreds of financial industry executives and investors. This event is hostedJPMorgan Chase Co-organized with Robin Hood, a non-profit organization founded by billionaire hedge fund manager Paul Tudor Jones. Tickets to the event, which cost a minimum of US$7,500, are focused on providing “exclusive investment insights” and are not open to the media.
According to three attendees, Besant, a former general hedge fund manager, said when asked about AI-related topics in an interview with Bridgewater CEO Nir Bar Dia: “I’m very good at making decisions when there are problems in the system.”
He added, “I don’t see any systemic problem.”
Besant’s comments come at a sensitive time for financial markets. The market has been shaken at times in recent weeks, with some investors beginning to question whether the rally in AI stocks has gone too far. They are also concerned about companies borrowing heavily to build data centers and buy chips.
Some analysts have compared this wave of AI investments to the market frenzy during the dot-com bubble around the turn of the millennium.
In the 30-minute interview, Besant talked about her views on the US economy, with the second part of the conversation mainly focusing on AI. He is generally optimistic about the benefits that this advanced technology advancement will bring to the United States, but he also said that data center operators and AI companies have failed to effectively explain the benefits of this wave of development to the general American public.
“This is not Pets.com,” Bessant said, referring to one of the last tech companies to go public before the dot-com bubble peaked in March 2000.
He further added, “The smartest people in the world believe in this technology. 99% of their net worth is in these companies and they have created the most profitable companies in the world.”
Besant has expressed optimism about the US AI boom several times in the past. They expect AI to significantly increase productivity and drive strong growth in the United States, the world’s largest economy.
Summary FAQ
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He said that he is very good at making decisions when there is a problem with the system, but currently he does not see any systemic problem with the AI craze, and he believes that the market’s investment in this technology is still reasonable.
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Because the market has been volatile in recent weeks, and investors have questioned whether AI stocks are overheating and are concerned about heavy borrowing by companies to build data centers and buy chips, the situation is reminiscent of the dot-com bubble.
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He pointed out that the smartest people in the world are investing in AI, and most of their net worth is bet on related companies, which have also created some of the most profitable companies in the world.
