Singapore – Investors and government officials gathered at the Milken Institute Asia Summit and the Forbes Global CEO Conference on Wednesday to discuss the growing safety and financial risks surrounding the artificial‑intelligence boom. The tone marked a shift from earlier enthusiasm over soaring valuations to a more sober assessment of long‑term consequences.
Policy makers stress loss‑of‑control danger
Foreign Minister Vivian Balakrishnan warned that claims of “absolute control” over autonomous agents are unrealistic. “Anyone who tells you I’ve got absolute control over my autonomous agent… obviously doesn’t know what he’s talking about. So loss of control is a real threat,” he said, underscoring the need for robust oversight.
Industry leaders call for caution
Last month, heads of leading U.S. AI labs issued a rare joint statement urging a slowdown in development, citing the possibility that advanced systems could evolve beyond human supervision. Anthropic, the creator of the Claude model, plans to alert potential investors in its upcoming IPO that advanced AI may pose “catastrophic or existential risks to humanity,” according to Reuters.
Bioterrorism highlighted as top existential threat
Kiran Mazumdar‑Shaw, founder and chairperson of Indian biopharmaceutical firm Biocon, echoed the concerns at the Forbes event. While acknowledging AI’s benefits, she warned that malicious actors could use the technology to design new viruses or other pathogens. “The real existential threat is bioterrorism,” she said, calling for clear guardrails and governance, and adding that self‑governance alone is insufficient.
Investors question the AI narrative
Temasek’s chief investment officer Rohit Sipahimalani cautioned that the AI narrative could unravel if safety issues or regulation dampen investor confidence, or if end‑users fail to see a satisfactory return on investment by 2027. “If the AI narrative is unwound because of safety issues, regulation or because as we go through 2027, end users don’t see sufficient ROI, there could be issues,” he said, noting that the narrative remains strong but vulnerable.
Ray Dalio warns of a classic bubble
Bridgewater founder Ray Dalio described the AI sector as a “classic bubble,” distinguishing between the technology’s technical promise and its investment appeal. He noted that rising interest rates have not yet harmed the sector, but warned that continued rate hikes could trigger a market correction. “I think we’re close to that,” Dalio said.
Balancing innovation with safety
Balakrishnan emphasized that both state and non‑state actors could exploit AI for weapons development, whether in chemistry, biology, or weapons of mass destruction. He called the risk “very real” and urged international cooperation to prevent misuse.
What this means for investors and policymakers
The consensus among speakers was clear: while AI offers transformative potential, unchecked growth carries significant existential and financial hazards. Stakeholders are urged to adopt prudent investment strategies, strengthen regulatory frameworks, and promote transparent governance to safeguard both markets and public safety.
As the AI conversation moves from hype to hard‑headed risk assessment, the messages from Singapore’s forums may shape policy discussions and investment decisions worldwide.
Original reporting: Appleton, WI News Feed (HLL/CB) — read the source article.
