00:00Bank of England Governor Andrew Bailey says artificial intelligence could trigger a global economic downturn if the current AI boom
00:08ends suddenly.
00:09He warns that a future market correction could spread across countries, with financial markets still vulnerable to several risks.
00:19In a letter to G20 Finance Ministers, Bailey said one concern was the growing amount of money investors are borrowing
00:26to make investments and an unusual high company valuations.
00:31He also raised concerns about AI companies and large technology firms investing heavily in one another, warning that these financial
00:38links could make any market downturn more severe.
00:41The warning comes as global initial public offerings, or IPOs, recover strongly, partly due to investor demand for AI companies
00:49and businesses supporting the technology.
00:51In the United States, OpenAI and Anthropic have joined the IPO pipeline, with OpenAI reportedly seeking a valuation of up
00:59to $1 trillion.
