The Bitcoin Meltdown

It’s a privilege to speak with you today about artificial intelligence. In 1987 Robert Solow famously remarked that “you can see the computer age everywhere but in the productivity statistics.” The same observation could be made today. We see AI advancing at remarkable speed. Yet its aggregate impact is still barely visible in the data. Over the past year global corporate investment in AI reached USD 252 billion, and private AI firms raised a record USD 100 billion.[ 1 ] Five leading US investors in terms of capital expenditure are now companies that focus heavily on AI. None of these companies numbered among the top ten investors a decade ago.[ 2 ] Some view this surge as temporary exuberance running ahead of underlying fundamentals. But a debate framed only in terms of short-term ups and downs may miss the bigger picture. History offers many examples of intense investment waves that – despite swings in the investment cycle – ultimately left behind transformative technologies that reshaped economies for decades.[ 3 ] So the key question is not whether there are cycles – that is almost certain – but how long it will take before the enduring productivity benefits become visible. And there are reasons to believe AI could spread faster, and deliver tangible economic gains sooner, than previous technology waves. If that is the path we are on – and I believe it may be – Europe needs to position itself accordingly. We need to remove all the obstacles that stop us from embracing this transformation. Otherwise we risk l ECB’S LAGARDE: EMBRACING AI CAN STILL GIVE EUROPE AN EDGE

CHINA'S XI, TO TRUMP: CHINA, US RELATIONS MAINTAINED POSITIVE MOMENTUM - XINHUA CHINA'S XI: SHOULD STRIVE FOR MORE PROGRESS IN BILATERAL TIES - XINHUA CHINA'S XI: SHOULD OPEN NEW SPACE FOR COOPERATION - XINHUA China's Xi clarified China's position on Taiwan issue - Xinhua. CHINA XI: CHINA-US TIES HAVE REMAINED STABLE SINCE BUSAN MEETING

*US SEPT. PCE, PERSONAL INCOME REPORT RESCHEDULED FOR DEC. 5 Economic Release Schedule Updates The following updates to BEA’s post-shutdown economic release schedule are currently available: Gross Domestic Product, 3rd Quarter 2025 (Advance Estimate) is cancelled. These data were originally scheduled for release on Oct. 30. Personal Income and Outlays, September 2025, will be released on Dec. 5 at 10 a.m. These data were originally scheduled for release on Oct. 31. Gross Domestic Product by County and Personal Income by County, 2024, will be rescheduled. These data were originally scheduled for release on Dec. 3. Real Personal Consumption Expenditures by State and Real Personal Income by State and Metropolitan Area, 2024, will be rescheduled. These data were originally scheduled for release on Dec. 11. Outdoor Recreation Satellite Account, U.S. and States, 2024, will be rescheduled. These data were originally planned for release in November 2025.