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AI & Enterprise

UBS says China big tech to reap AI investment gains within 2-3 years

China\'s internet giants are likely to capture a larger share of artificial intelligence profits within 2 to 3 years, UBS said. It expects pricing power to shift from upstream chip and infrastructure players to downstream internet platforms as supply constraints ease. The view comes as Tencent and Alibaba ramp up AI spending, weighing on cash flow. UBS also highlighted cost efficiency in China’s AI sector, citing lower training and API costs than global peers.

Crypto

BoA, Deutsche Bank, UBS and others form stablecoin alliance of 21 global financial institutions

Twenty-one major global financial institutions have begun work to jointly establish a stablecoin issuer, with a plan to launch a U.S. dollar-based stablecoin in the first half of 2027. Participants include Bank of America, Goldman Sachs, Citi, Deutsche Bank, UBS, Santander, MUFG and Fidelity Investments. The group plans to focus first on a dollar stablecoin and later expand to products based on other G7 currencies, with a euro stablecoin listed next.

AI & Enterprise

Goldman Sachs AI lead warns Wall Street AI could weaken next generation bankers\' thinking

An executive leading a key artificial intelligence project at Goldman Sachs warned that the spread of AI on Wall Street could weaken the thinking ability of the next generation of bankers and traders. Chris Churchman, the lead partner for Goldman’s Marquee platform, said handing reasoning to AI models risks cognitive shrinkage and could undermine apprenticeship-style training. He said banks must balance AI use with on-the-job learning and keep staff responsible for high-risk decisions.