William Fargo denies AI slowdown despite safety worries

Wells Fargo announced that a slowdown in AI development seems unlikely, despite calls from some industry leaders to temporarily halt progress for safety reasons. Executives from major companies such as Anthropic and OpenAI explained that the pace of advancement currently outpaces safety procedures, increasing risks due to frequent self-updates and recent security incidents. The company emphasized that efforts to unilaterally halt progress face challenges in the absence of comprehensive international coordination, especially given opposition from some Chinese laboratories. Any potential slowdown is more likely to result from supply-side constraints, such as licensing delays and rising costs, rather than coordinated efforts to curb demand. The bank also noted that growth limited by supply rather than demand will lead to a longer AI development cycle.

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