Treasury Secretary Bessent Dismisses AI Systemic Risk, Rejects Dot-Com Comparisons at Closed-Door Wall Street Event

U.S. Treasury Secretary Scott Bessent said Wednesday he sees no systemic risk in the artificial intelligence sector, rejecting comparisons between the AI boom and the dot-com bubble at a closed-door Wall Street meeting in New York, the Financial Times reported. "It's not Pets.com," Bessent told hundreds of financial executives and investors, according to three attendees. "I'm very good at identifying when a system is broken. I don't see any systemic problem." He cited tech leaders' achievements and their equity stakes — with 99% of their wealth tied to their companies — as grounds for confidence in AI. The event, co-hosted by JPMorgan and the Robin Hood Foundation, charged admission starting at $7,500 and barred media coverage. Bessent also said data center operators and AI companies have not adequately explained the technology's benefits to the general public. The closed format drew scrutiny over transparency between officials and market participants. A Treasury spokesperson said Bessent's remarks had all been made publicly before.