US Treasury Secretary Bessent Says AI Has No Systemic Problems, Dot-Com Bubble Will Never Repeat
US Treasury Secretary Bessent said at a closed-door meeting on Wednesday that there are no systemic problems in the artificial intelligence industry, that it cannot be compared at all to the dot-com bubble at the turn of the century, and predicted that AI will greatly boost productivity and significantly promote US economic growth. But he also acknowledged that data centers and AI companies have not done enough to explain the benefits of the technology to ordinary Americans; currently, more and more regions in the United States are beginning to oppose data center construction, and investors are increasingly questioning whether related stock prices are too high.
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US Treasury Secretary Bessent Dismisses AI Risks, Says Dot-Com Bubble Will Never Repeat
Cailianshe Ma Lan, Editor: Lin Qi 2026-10-22 11:29
① Bessent said at a closed-door meeting that there are no systemic problems in the AI industry, and it cannot be compared to the dot-com bubble at all; ② Bessent predicted that the development of AI will greatly increase productivity and significantly boost US economic growth; ③ However, more and more regions in the US are beginning to oppose data center construction, and investors are increasingly questioning whether related stock prices are too high.
Cailianshe, October 22 (Editor: Ma Lan) — US Treasury Secretary Bessent expressed his views on the AI bubble at a closed-door meeting on Wednesday. According to attendees, Bessent believes there are no systemic problems in the AI industry, and it cannot be compared at all to the dot-com bubble at the turn of the century.
At the meeting, Bessent said he is optimistic about this cutting-edge technology and believes technological progress will benefit the US, but he also acknowledged that data centers and AI companies have not done enough to explain the benefits of this technology to ordinary Americans.
The closed-door meeting attracted a hundred financial industry executives and investors, with tickets starting at $7,500 and top sponsorship packages priced as high as $100,000. Proceeds from the meeting will be used for charity. This year marks the 14th edition of the event, which has raised nearly $72 million cumulatively.
Bessent has publicly expressed confidence in the US AI industry many times, predicting that the development of AI will greatly increase productivity and significantly boost US economic growth. But this comes at a time of growing concern in American society about AI investment and data centers, and AI stocks have consequently been sold off.
Controversy
The technological potential, profit prospects and scale of capital expenditure of AI companies are becoming important considerations for investors evaluating this rally. Therefore, Bessent's optimistic attitude toward AI is to some extent also intended to support the market's continued rise, but judging from past performance, his optimistic assessment of the industry's prospects has not dispelled market doubts.
The closed-door meeting has also raised questions among some investors about financial market transparency. Former US Treasury Secretary Yellen pointed out that when she gives speeches, she always confirms that the media is present and issues public reports.
However, Bessent's office responded that all of Bessent's views at the closed-door meeting had been publicly expressed before, so no transparency issue is involved. In addition to AI, he also talked about his views on the US economy.
Beyond the sell-off in financial markets, the AI industry is also currently facing pressure from the public. More and more regions are beginning to oppose data center construction, which has also affected the upcoming US midterm elections, causing the approval ratings of US President Trump and his party, the Republican Party, to keep falling.
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Cailianshe Statement: The content of this article is for reference only and does not constitute investment advice. Investors who act on it do so at their own risk.
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