Program and guest
Bloomberg’s Bloomberg Talks interview with Morgan Stanley Chairman and CEO Ted Pick, held on the sidelines of the Hong Kong Monetary Authority’s Global Financial Leaders’ Investment Summit. Original English title: Morgan Stanley CEO Ted Pick Talks AI Risks, Appetite for AI Deals | Bloomberg Talks.
Key points
- AI capital expenditure could reach 10 trillion to 15 trillion dollars over the next decade. Deployment could take 7 to 8 years, or 10 to 12 years; the range itself is wide 0:22
- The figure is not unmanageable: annual capital expenditure in Asia has already reached 11 trillion dollars and will reach 16 trillion dollars in 2030; productivity gains from greater intelligence could contribute 50 to 70 basis points to global real GDP growth 0:58
- Returns must be considered separately: given enough time, returns will likely arrive, but companies cannot wait too long. They need computing capacity now, or technology will leave them behind in two or three years 1:32
- Falling half a step behind is acceptable; falling two steps behind is not. This applies to both demand and supply: whether in Chinese models or advances in the Americas and elsewhere, technology will keep moving forward 2:12
- Not every project will succeed: the lessons of 1999 to 2000, 2001 to 2003, and 2006 to 2008 are all useful, but he is highly confident in the efficiency gains and benefits that 10 trillion to 15 trillion dollars will deliver over the next 15 to 30 years 2:35
- Local opposition is real: data center sites face “not in my backyard” resistance, but competition to build data centers will continue as long as residents have fair access to the local power grid and the approach is thoughtful 3:15
Background and notes
The captions cover 0:00–8:56; this article summarizes the main points of the full 8-minute, 56-second interview. The views and timestamps are paraphrased from the original captions; each timestamp marks the beginning of the corresponding passage.