Federal Reserve Chair Kevin Warsh said AI will jolt the economy with a demand shock first. He called it the most consequential change in his lifetime. He expects a bumpy path before a supply-side catch-up. Warsh spoke at the IMF annual meeting in Bangkok. IMF Managing Director Kristalina Georgieva warned earnings disappointments by AI developers could hit equity prices. She said expectations may outpace productivity gains. Georgieva noted a severe scenario could trigger a global market correction. U.S. AI investment from 2025 to 2032 is forecast at $10.3 trillion. Hyperscalers now account for 10% of investment-grade bond issuance. Gartner said $3.5 trillion of AI infrastructure spending may be impaired by 2030.

• $10.3 trillion U.S. AI investment 2025-2032
• $3.5 trillion AI infrastructure at risk by 2030
• 10% of investment-grade bond issuance from hyperscalers