At the European Central Bank's annual conference in Sintra, Portugal, global central bankers focused on how artificial intelligence will impact the world economy and financial stability. Torsten Slok at Apollo Global Management stated, "If AI overdelivers, it will impact financial stability. If AI underdelivers, it will impact financial stability." AI dominated discussions on immigration, supervision, and climate, outshining new Federal Reserve Chair Kevin Warsh, who called the AI revolution "the biggest time of consequence to each of our economies, I think, in our lifetime." Speakers feared AI could disrupt life illegally and that finance officials have few tools to stop it. In trading, automation runs most functions, but an AI-driven boost could inflate bubbles at warp speed. University of Pennsylvania professor Itay Goldstein noted algorithms can "coordinate on a manipulative path of prices," creating bubbles leading to crashes. Slok estimated AI capital spending had added "one percentage point to U.S. gross domestic product (GDP) alone." The Bank for International Settlements warned that "the scale and pace of the current AI investment boom... bear a resemblance to these precedents, highlighting potential downside risks in the near term."