According to attendees cited by ChainCatcher, U.S. Treasury Secretary Bessent said at a closed-door meeting on Wednesday that the artificial intelligence industry does not have a systemic problem and is "in no way comparable" to the internet bubble at the turn of the century.
Bessent said he is optimistic about the frontier technology and believes technological progress will benefit the United States. He also acknowledged that data centers and AI companies have not done enough to explain the benefits of the technology to ordinary Americans.
The private event drew hundreds of finance executives and investors. Tickets started at $7,500, while top sponsorship packages were priced as high as $100,000. Proceeds from the meeting were designated for charity. This year was the event’s 14th edition, and it has raised nearly $72 million in total.
The report said Bessent has repeatedly predicted in public that AI development will sharply improve productivity and significantly support U.S. economic growth.
At present, concern in the United States over AI investment and data centers is rising, and AI stocks have been sold off as a result. Former Treasury Secretary Janet Yellen said that when she gives speeches, she always makes sure the media are present and that public coverage is released.
Bessent’s office responded that the views he expressed at the closed-door meeting had all been stated publicly before and did not present a transparency issue. In addition to AI, he also discussed his views on the U.S. economy.
The report added that more regions are beginning to oppose data center construction, affecting the upcoming U.S. midterm elections and weighing on support for President Donald Trump and the Republican Party.