On November 3, Emmanuel Roman, CEO of Pacific Investment Management Company (PIMCO), stated that AI-related financing could reach approximately $10 trillion over the next five years and may ultimately exceed reasonable levels. He estimated that the AI industry may require roughly $2 trillion in additional financing annually to support capital expenditures—by comparison, the U.S. bond market is approximately $12 trillion in size. Roman said the economy will eventually decline, and problems may surface at that point, with triggers including rising U.S. interest rates, war in the Middle East, or a eurozone crisis. When asked which error is more serious in portfolio construction—being overly cautious or taking on too much risk—he said taking on too much risk is more dangerous. Blackstone President Gray is more optimistic, saying that some skepticism in the current market may be beneficial, but the overall trajectory of AI means investment and capital demand will continue to grow substantially.