From October 19 to 22, 2026, the Bund Summit themed "Technology, Geopolitics and the Global Economy" is being held in Huangpu District, Shanghai.
Bank of America Chief Global Economist Claudio IRIGOYEN attended the conference and participated in a roundtable discussion.
Speaking about artificial intelligence, Claudio IRIGOYEN said that discussions about AI cannot be separated from the extremely complex world we live in today. "I often joke that the world has become so complex that Bank of America had to appoint an Argentine to head global economic research. Because in many ways, we all seem to come from the future," Claudio IRIGOYEN said.
Claudio IRIGOYEN further stated that the current impact of artificial intelligence is primarily driven by demand. "Essentially, this is an investment boom that is having a positive impact on some countries, especially those deeply integrated into the AI ecosystem supply chain. And the AI boom, or this investment boom, is also affecting the valuation of financial assets, thereby generating a significant wealth effect, and we can already observe this from the data," Claudio IRIGOYEN emphasized.
Claudio IRIGOYEN said the AI boom, or AI investment boom, is affecting everyone. "As a result, the valuation of financial assets is generating a significant wealth effect, and this effect can be seen in the data. Especially in the United States, we have very good credit card data that breaks down consumption dynamics by income tier, including high, middle and low income groups, and we can very clearly see the wealth effect among high income and middle income groups," Claudio IRIGOYEN said. To some extent, this has created what is called a "K-shaped economy," and now we are seeing this K-shape converging, because low income groups are now also starting to increase spending. They too are beginning to experience the wealth effect.
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