Top bankers and fund managers gave clashing views on the risks of the artificial intelligence boom Tuesday at an investment summit in Hong Kong. Some warned that spending and valuations are running ahead of returns. Others said demand is still strong, according to Bloomberg.

The remarks came at the Global Financial Leaders' Investment Summit, hosted by the Hong Kong Monetary Authority, which brought together about 280 senior finance figures.

What Risks Do Finance Leaders See in AI Spending?

Emmanuel Roman, chief executive of bond investor Pimco, said AI financing could reach about $10 trillion over five years. At that scale, he said, it will eventually become too much. He pointed to rising U.S. interest rates, a war in the Middle East or a crisis in the eurozone as events that could each set off a downturn.

"At some point in time, there's going to be a downturn, and then things are going to break," Roman said, according to CNBC TV18.

Bain Capital chairman John Connaughton said some AI assets are already valued very highly. The key question, he said, is whether investors can earn returns to match those valuations.

Franklin Templeton chief executive Jenny Johnson said the biggest cloud companies are shifting from businesses that need little capital to ones that need a lot of it.

How Much Could AI Buildout Cost?

Bank leaders were more upbeat. Morgan Stanley chief executive Ted Pick said building out AI could require $10 trillion to $15 trillion over the next decade. That spending could add 0.5 to 0.7 percentage points to real GDP growth, he said, according to The Standard. Pick also warned that some projects with weak finances will not last, but he called regular market corrections healthy.

Goldman Sachs chief executive David Solomon said demand for computing power still exceeds supply. Long-term value, he said, will likely move to the companies building AI applications.

Jon Gray, president of Blackstone, took a measured position. "Some of this skepticism today is probably healthy," he said. Gray added that AI will drive more investment and more demand for capital.

The summit comes after a sharp fall in tech shares in October. Results such as Alphabet's latest quarter raised fresh doubts about whether heavy AI spending will pay off.

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