At the Global Financial Leaders' Investment Summit hosted by the Hong Kong Monetary Authority (HKMA) on Tuesday, November 3, Morgan Stanley CEO Ted Pick projected that the largest hyperscalers could spend $800 billion to $1 trillion annually over the next seven to 12 years, and Morgan Stanley projected that cumulative investment could reach $15 trillion over the next decade. Pick said, "$10 trillion to $15 trillion is a very wide range, but it's not an unreasonable amount for the investment needed to build AI infrastructure," and using a baseball analogy said, "We're somewhere around the second inning of a nine-inning game." Goldman Sachs CEO David Solomon said capital markets remain receptive to financing as investors assess surging demand for AI and computing power, but warned that periods of significant growth in the technology industry rarely unfold smoothly; he said the main factor limiting the size of deals is not access to funding but the cost of raising it, adding, "There will be robust financing to meet demand." Pick said he expects investment returns to continue over the long term and projected that AI-driven productivity gains could raise U.S. real gross domestic product (GDP) growth by 0.5 to 0.7 percentage points annually. On AI governance, Solomon said Goldman Sachs has operated automated trading platforms for the past 20 years and stressed that responsibility must ultimately rest with people, not systems, saying "Technology developers must be responsible for the technologies they develop, and those who adopt them must also be