The governor of the Bank of England has cautioned that artificial intelligence (AI) could cause financial market shocks, and the UK should be prepared for them. Andrew Bailey stated that the central bank is closely monitoring the large sums of money being spent in AI and cautioned that “not everyone always wins.”
The money that has been invested and loaned to AI startups in recent years in the hopes of significant returns has caused markets to evaluate some of them as multi-trillion-dollar businesses. When asked if he thought an AI bubble may burst, Bailey responded, “You could see some correction of asset prices at some point.”
He was speaking exclusively to the BBC about the potential hazards and benefits of artificial intelligence for the UK economy. Bailey stated that the technology has the ability to boost economic growth and is crucial for the country.However, it also has significant risks, so we must be vigilant about both.” One such concern is what will happen if the large AI bets fail.
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