Fed's Schmid says finances around AI buildout merit watching
On August 4th, Jeff Schmid, President of the Federal Reserve Bank of Kansas City, voiced concerns regarding the financial aspects of expanding the artificial intelligence sector. At a conference held within his institution, Schmid emphasized the need to compare the scale of AI development with previous experiences that might potentially trigger systemic issues.
He highlighted certain indications that suggest the industry might be on the verge of becoming 'too big to fail'. Schmid's remarks underscore the necessity of addressing the potential systemic risks associated with the rapid growth of AI.
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