U.S. treasury secretary: AI sector avoids repeat of dot-com bubble collapse

U.S. Treasury Secretary Scott Betsy told investors during a private meeting that he has not identified any 'systemic issues' in the AI industry, easing concerns about a potential repeat of the dot-com bubble burst. The remarks were made on October 21 during a conference in New York hosted by JPMorgan and Robin Hood Foundation, where hundreds of financial executives and investors gathered. The event, which excluded journalists, featured exclusive investment insights and tickets started at $7,500 (approximately 50,162 RMB). Betsy, who previously worked as a macro hedge fund manager, stated during an interview with Bridgewater Fund CEO Neil Baruch that he is skilled at detecting when a system is failing, but he did not see any systemic problems in AI. Market conditions were volatile as investors questioned whether AI stocks had become overvalued, while companies faced concerns over debt from building data centers and purchasing chips. Analysts have drawn parallels between the current AI investment boom and the dot-com era. Betsy expressed optimism about AI's benefits to the U.S. economy but noted that data center operators and AI firms have not adequately communicated these advantages to the general public. He emphasized that the current situation differs from Pets.com, a company that went public in March 2000, just before the dot-com bubble peaked.