The boom in AI investment this year likely will have a bigger impact on the U.S. economy, Bank of America CEO Brian Moynihan said on Monday.
“The AI investment’s been building during the year and is probably a bigger contributor next year and the years beyond,” Moynihan said in an interview with Bloomberg Television. “AI is kicking in more and more, and so it’s not all attributable to AI, but that’s having a marginal impact that’s pretty strong.”
He noted that BofA (BAC) expects the domestic economy to grow 2.4% next year, accelerating from about 2% growth in 2025. Moynihan acknowledged ongoing softening in the labor market, though he sees it as more of a normalization.
For his bank, Moynihan said that “we’ll be applying more and more of automated intelligence — or augmented intelligence, as we call it, with a person using AI, using that to be more effective — and that’ll affect all the businesses.”