① Bank of America Group CEO Moynihan stated that artificial intelligence The impact on the US economy is significant, and companies continue to increase their investment in AI, expecting AI to make a greater contribution to the economy next year; ② Moynihan believes that even if the AI industry contracts, the impact on the overall economy will be limited.
On Monday, Eastern Time, Brian Moynihan, CEO of Bank of America Group, said that artificial intelligence is having an increasingly significant impact on the U.S. economy.
“We have been increasing our investment in artificial intelligence this year, and we expect it to play an even greater role next year and beyond,” Moynihan said in an interview.
"If you look at these data centers we are building..." This will likely make an even greater contribution to the economy next year… Furthermore, if you look at consumer spending on AI, it's already higher than last year and is showing an upward trend.”
"The application of artificial intelligence is becoming more and more widespread, which is not entirely due to artificial intelligence, but its marginal impact is quite significant."
Moynihan stated that the company expects the U.S. economy to perform strongly next year, with a projected growth rate of 2.4%, up from approximately 2% in 2025. While the U.S. labor market has clearly begun to slow, Moynihan indicated that this is more a sign of job market normalization than a sharp economic downturn.
The cooling down of the AI industry is nothing to worry about.
In recent months, artificial intelligence companies, including OpenAI, have attracted hundreds of billions of dollars in funding as numerous investors rush to bet on the AI industry.
But like Amazon Tech industry executives like company founder Jeff Bezos have warned that investment in artificial intelligence is an "industrial bubble" that could lead to losses—though ultimately AI technology itself will still benefit society.
Moynihan stated that even if the artificial intelligence industry overheats and eventually has to shrink, the impact of a so-called "AI bubble burst" on the overall economy (including its impact on consumers and unemployment) will be relatively limited, given that the industry is currently led by only a few companies.
Moynihan stated, "As lenders, we review the leverage ratios of these projects and make sure we feel comfortable with them, while also confirming the duration of the contracts signed by those responsible for using the data centers ."
In the interview, he also mentioned that Bank of America itself is using artificial intelligence technology. The company launched an intelligent agent robot called "Erica" as early as 2018. According to Moynihan, Erica can now answer 700 questions, up from only 200 previously.
“We will increasingly utilize automated intelligence—or what we call augmented intelligence—allowing individuals to leverage artificial intelligence to improve efficiency—and this will impact all areas of business,” Moynihan said.
(Article source: CLS)
