US Treasury Secretary Bessent dismisses AI bubble fears
Bessent shrugged off the possibility of “systemic” economic risks stemming from the AI boom.
US Treasury Secretary Scott Bessent, a former hedge fund manager, dismissed worries about AI investment creating systemic risks in financial markets during a private investor conference in New York, according to the Financial Times. At the event organized by JPMorgan Chase and the Robin Hood Foundation, Bessent told investors he saw no evidence of systemic vulnerabilities tied to the surge in AI investment.
He dismissed comparisons to the dotcom bubble, citing the profitability of AI companies and their founders' substantial personal stakes. Bessent also highlighted AI-driven productivity gains as a significant boost for the US economy. The conference, priced at least $7,500 per ticket, was closed to journalists and featured prominent hedge fund investors such as Stanley Druckenmiller and Steve Cohen.
Treasury officials defended Bessent's attendance, noting that his remarks had been previously made public and that the event raised over $1 million for poverty relief.
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