Olaf Sleijpen, the new head of the Dutch Central Bank who took the helm on July 1, 2025, argues that the global AI spending spree will create near-term inflationary pressure, but future productivity gains should eventually offset the damage. The OECD and Bank for International Settlements estimated that global AI investments exceeded $150 billion in 2023. DNB’s autumn 2025 financial stability report flagged concerns about elevated US stock valuations driven by AI optimism, and by May 27, 2026, Sleijpen labeled generative AI as a pressing threat to financial systems due to market dynamics creating concentration risk. As of June 2026, DNB was actively warning about potential AI-driven investment bubbles. Sleijpen also articulated concerns about cyber risks linked to AI systems in 2026. Sleijpen’s framework suggests central banks in the eurozone may be reluctant to cut rates aggressively if AI-related spending adds to inflationary pressure, potentially creating a tighter liquidity environment for speculative assets.