U.S. President Donald Trump said he is not concerned about the possibility of a financial market bubble surrounding artificial intelligence companies.
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Speaking at the White House on Friday during his meeting with Hungarian Prime Minister Viktor Orbán, Trump said, “I love artificial intelligence, and I think it’s going to be very useful.”
He added, “We are ahead of China and ahead of the world in the field of AI,” referring to the economic and geopolitical competition driving the surge in investments across the sector.
Trump’s comments came as the New York Stock Exchange showed signs of weakness in recent days, reacting cautiously to the sharp rise in valuations of major technology and AI firms.
Experts have expressed concern over the rapid and significant increase in the market capitalization of some tech giants amid growing doubts about their ability to sustain the high costs associated with the AI race.
This tension was evident on Thursday following confusing statements from OpenAI about a potential request for government support, which were later retracted.
On Friday, the Nasdaq, which includes technology companies, fell 1.17%, while the broader S&P 500 declined 0.62%, and the Dow Jones Industrial Average dropped 0.39%.
Across Wall Street, red dominated trading screens for technology and AI-related stocks, with shares of chipmaking giants Nvidia, Broadcom, and Microsoft all declining.
Global spending on artificial intelligence is expected to reach about $1.5 trillion in 2025, and more than $2 trillion in 2026, according to U.S.-based research firm Gartner — representing nearly 2% of global GDP.
AFP
