BIS Executive Warns Disappointing AI Returns Could Trigger Global Downturn

The artificial intelligence investment boom poses potential risks to global financial stability, Bank for International Settlements General Manager Pablo Hernández de Cos said Thursday (Sept. In a speech delivered at the Global Fintech Fest 2026 in Mumbai, India, de Cos said this boom has seen equity valuations become elevated and concentrated among a small number of firms, the largest firms become increasingly reliant on debt as their expenditure outpaces their cash flows and so-called cir