15:23 - 10.09.2026

---

September 10, Fineko/abc.az. The rapid rise of artificial intelligence is creating new vulnerabilities for global financial stability, according to Pablo Hernandez de Cos, General Manager of the Bank for International Settlements (BIS). Capital expenditure on AI infrastructure has now reached a macroeconomic scale capable of influencing broader global economic conditions.

Drawing parallels to historical investment surges such as the 19th-century railway expansion and the dot-com bubble of the late 1990s, the BIS chief highlighted that AI-related investments have surpassed the $1 trillion mark. He cautioned against stretched market valuations, high market concentration, and opaque debt financing structures. Should commercial returns fail to meet high investor expectations, financial markets could face significant repricing and stability shocks.