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Milos Maricic: listen for the AI number on next week’s bank calls
Economists have described tech bubbles in detail. The most remarkable thing about the AI cycle might be how closely it follows the blueprint.
On September 14, at a Barclays conference, Bank of America CEO Brian Moynihan put a number on the bank’s AI program: 130 to 140 projects in place “at a cost of $400 million, generating a benefit of $800 million.” The bank has never given a dollar figure like that on an earnings call. On October 14 it reports third-quarter results, its first call since Moynihan spoke. Will the $800 million make it onto the call? I wouldn’t bet on it. My team went through 919 earnings…
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