BIS, SCMP and others flag AI boom as macro risk, not just tech story

The meta‑story here is that AI has fully crossed over into macroeconomics. When BIS, SCMP and financial outlets all treat AI as a possible trigger for the next investment bust, they are telling frontier labs that their capex plans and valuation narratives are now part of global risk management, not just tech optimism. That scrutiny will sit alongside, and sometimes conflict with, national‑security arguments for faster AI deployment.

For AGI, this is both a headwind and a forcing function. On one hand, capital could become more selective and expensive, slowing reckless scale‑ups or speculative infrastructure builds with weak demand. On the other, it will reward labs and platforms that can show real productivity wins, robust safety processes and diversified revenue. Labs that treat safety as a box‑checking exercise but rely on ever‑larger, more expensive training runs may find themselves squeezed hardest if the tide turns.