In mid August 2026, firms including Google, Microsoft, Anthropic and OpenAI, warned countries and groups to strengthen their cyber defences with the growing threat that Artificial Intelligence (AI) systems are able to break through existing security systems.
But worse, on 31st August 2026, Andrew Bailey, Governor of The governor of the Bank of England, warned finance ministers of the G20 that artificial intelligence could cause a global economic downturn and pose a significant cyber security risk to financial systems.
Bailey said that a collapse of growth in the AI sector could lead to a “future market correction” that spreads worldwide, adding “the issue is not simply that investors are borrowing more, but that leverage is interacting with high valuations and market concentration, in particular the increasing cross-investment between artificial intelligence (AI) companies and hyper scalers, in a way that could amplify a future market correction,”
Major AI sysstems have been consistently proving capable of doing things they shouldn’t, hacking each other and the like, that’s apart from errors made by features like Musk’s Grok which readily admits that it isn’t necessarily reliable. Bailey also warned of potential for AI systems to easily overcome the integrity of banking/financial security systems.
So, apart from wrecking the environment with excess consumption of finite resources like water and electricity, is it looking like AI could also come back to bite the mega corporations and their investors in a re-run of the dot com bubble?
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