Federal Reserve Chair Kevin Warsh, speaking at the Jackson Hole Economic Policy Symposium, said the pace of AI development has outpaced even the most optimistic expectations. He called the current moment a historical turning point. In his remarks, Warsh noted that corporate capital expenditures grew by roughly 9% over the past four quarters, with more than half of that investment flowing into AI infrastructure. He also pointed to AI laboratory token sales, which reportedly surpassed the $100 billion threshold, marking a 500% increase year over year. The Federal Reserve has referenced AI 18 times in the minutes of its latest FOMC meetings. It has also set up a dedicated working group to assess the potential implications of the technology for the labor market and financial stability, he said. The account of these statements comes from CryptoBriefing, as republished by Techub News.
Federal Reserve Chair Kevin Warsh told the Jackson Hole Economic Policy Symposium that AI development has sped past even the most optimistic projections. He framed it as a turning point in history. Corporate capital spending rose about 9% in the last four quarters, and more than half went into AI infrastructure, according to Warsh. AI labs' token sales reportedly broke above $100 billion, a 500% increase from a year ago. The Fed's latest FOMC minutes mention AI 18 times. A task force has been created to study the potential impact on labor markets and financial stability. (CryptoBriefing)
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