On November 3, Ron O'Hanley, Chairman and CEO of State Street Corporation, said that demand in the AI sector is underpinning large-scale investment, and that at present it is "hard to conclude" that AI has formed a bubble. He noted that data center construction is backed by real orders and enterprise clients rather than speculative building. However, he also raised the question of whether, once AI efficiency improves, all the computing power currently being built will still be needed.