At the European Central Bank's (ECB) annual central banking forum in Sintra, Portugal, on July 1, a fierce debate erupted over whether artificial intelligence will be a "supply revolution" or a "financial time bomb." Federal Reserve Governor Kevin Warsh, the most forceful optimist, defined AI as a "supply revolution" that will structurally boost U.S. economic productivity, predicting it "will be the most important economic change of our lifetimes." He argued the revolution is "in the bottom of the first or top of the second inning." However, Torsten Slok, Chief Economist at Apollo Global Management, warned that "if AI succeeds beyond expectations, it impacts financial stability; if it falls short of expectations, it also impacts financial stability," citing potential asset price bubbles or losses from the trillions-of-dollars investment boom. Itay Goldstein, a Wharton professor, raised concerns that AI algorithms could "learn to cooperate with each other on a manipulation path, artificially driving up prices to create a bubble and then crashing it."