Regulators picked a word for AI this week, and the word is systemic. Career Treasury analysts concluded the boom is now too entrenched to unwind quietly: a downturn would ripple through stocks, private credit, data-center debt and utilities. The ECB gave every significant European bank until October 31 to prove it can take an AI-powered punch, and the UK put AWS, Google Cloud, Microsoft and Oracle under the supervision reserved for firms that can break the financial system. The rest of the issue is the same entrenchment at closer range: Meta wiring cameras and face recognition into the glasses on your face, Big Tech rewriting its story about your job, and the first audits of what AI dependence is doing to students, doctors and governments. One story, four layers: the money, the devices, the jobs, the minds.
Goldman Sachs warns the US will bear the brunt of AI-induced inflation surge