Bank of America CEO: AI's marginal impact is strong, may become a new engine for the US economy.

Brian Moynihan, CEO of Bank of America, stated on Monday that the surge in artificial intelligence (AI) investments this year could have a greater impact on the US economy. "AI investments have been building up throughout this year and may become a bigger contributing factor in the coming years," Moynihan said in an interview. "The role of AI is becoming increasingly evident, although (economic growth) is not solely attributed to AI, it is having a significant marginal impact." He noted that Bank of America expects the domestic economy to grow by 2.4% next year, an acceleration from around 2% in 2025. Moynihan acknowledged that the labor market continues to be soft, but he believes it is more of a normalization. Regarding his own bank, Moynihan said, "We will be implementing more and more automation intelligence - or what we call 'augmented intelligence,' where personnel use AI to improve efficiency - this will impact all of our businesses." Blackstone Group CEO Stephen Schwarzman has also previously stated that the scale of spending on AI data centers is driving economic development in the United States and will continue for some time.