Central bank chiefs at the European Central Bank annual forum in Sintra, Portugal, warned that artificial intelligence could bring unexpected shocks to financial and labor markets. Kevin Warsh, chair of the U.S. Federal Reserve, said, “This is a time when the most consequential change in our lifetimes for national economies is underway,” noting that when the internet first appeared, “who would have predicted that 1.5 million jobs for Uber drivers would be created?” The Bank for International Settlements warned of short-term downside risks, comparing the current AI investment boom to past asset bubbles like Britain’s railway investment boom in the 1840s, the 1920s asset bubble, and the dot-com bubble. Torsten Slok of Apollo Global Management assessed that capital expenditures in AI infrastructure have lifted U.S. GDP by 1 percentage point, and that the bubble in AI-related stocks “has begun to correct in recent weeks.” Itay Goldstein of the University of Pennsylvania noted that AI algorithms “are actually showing the ability to learn price-manipulation methods from each other, inflate bubbles, and trigger sharp drops.” Tobias Adrian of the IMF said AI lending decisions are “practically no different from a black box,” making supervision a core task. Sarah Breeden of the Bank of England proposed safeguards similar to deposit insurance for cyberattacks. Tiff Macklem of the Bank of Canada added, “The internet also created new industries that no one anticipated, but we did not avoid the dot