US Economy a Leveraged Bet on AI: Lazard CEO Orszag on Risks and Growth Drivers – News and Statistics – IndexBox

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The United States economy has become a leveraged bet on artificial intelligence, according to Lazard Inc. Chief Executive Officer Peter Orszag, as reported by Investing.com. Orszag noted that AI and high-income consumers are the main drivers of growth in the US, and that these consumers are also seeing gains from AI-related stock market performance.
Speaking on the Bloomberg Deals television program, Orszag described the situation as a bet that could succeed or fail, but one worth making. He also pointed to a recent transaction where Lazard advised NextEra Energy Inc. on a $67 billion acquisition of Dominion Energy Inc., illustrating how AI is boosting electricity demand and encouraging utility companies to pursue larger operations.
Orszag cautioned that the economy may face difficulties as businesses and workers adjust to AI-driven changes. He warned that labor markets handle small, fast shocks or large, slow shocks well, but AI could deliver a large shock that arrives quickly. Other banking executives have also discussed workforce automation, with Standard Chartered Plc CEO Bill Winters mentioning cuts to lower-value human capital, and Goldman Sachs Group Inc. President John Waldron describing his firm’s operations as a human assembly line ready for automation.
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