""I think there will be big failures, but I don't think we are in a bubble," said Fink on Wednesday during a panel discussion at the World Economic Forum in Davos, Switzerland."
""I think for the Western economies, if we don't cooperate, if we don't scale, China wins," he said."
""The key to that is making sure that the demand only comes if technology is diffused for more applications, more utilizations," he said. "If the technology is just the domain of six hyperscalers, we will fail," he added."
AI investment is expected to produce significant failures but does not constitute a systemic bubble. Western economies must cooperate and scale investment to remain competitive with China, which could gain a data advantage from its population size and different privacy regime. Increased public and private spending is necessary to ensure proper competition. Broad diffusion of AI across applications and utilizations is essential so demand expands beyond a small group of dominant firms. Concentration of AI capability within a few hyperscalers would limit global benefits and risk disappointing long-term outcomes.
Read at Business Insider
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