The rules that are slated to be loosened were implemented in the wake of the 2008 financial crisis, a fact sure to alarm critics worried about an AI bubble.<\/p>\n
And even the central bank itself has made its concerns public. \u201cThe risk of a sharp correction in equity markets remains high,\u201d said Andrew Bailey, the Bank of England governor, on Tuesday. He warned of a \u201ctriple whammy\u201d of AI\u2019s risks: oversized investment in AI stocks, slower adoption of AI than tech companies predict and the breakneck pace of AI\u2019s development, which will leave even some massive companies behind.<\/p>\n
The US\u2019s largest companies have bet the farm on the AI boom in spite of these fears, as has Donald Trump, leaving Americans with the feeling that their country\u2019s economic fortunes are bound up in a single industry.<\/p>\n
From his end, Bailey, despite his warnings, did not recommend any new policies to guard against risks of high valuations to the UK\u2019s financial stability, Politico<\/a> reported.<\/p>\n Read more: Bank of England plans to ease capital rules despite AI stability fears<\/a><\/p>\n New in Reworked, a Guardian series about what\u2019s at stake as AI disrupts our jobs:OpenAI\u2019s difficulties are mounting and threatening its stock market debut Photograph: Aaron J Thornton\/Getty Images<\/p>\n In May, I wrote that Sam Altman\u2019s victory over Elon Musk had cleared the way for OpenAI\u2019s trillion-dollar IPO ambitions<\/a>. The legal triumph over the richest man in the world made it seem like OpenAI could surmount any obstacle. But two developments this week made me rethink.<\/p>\n On Friday, OpenAI was sued by Apple, which alleges that the artificial intelligence firm mounted a campaign to steal trade secrets in an effort to create its own hardware device.<\/p>\n The lawsuit is a major reversal in what was once a chummy relationship. Just two years ago, in 2024, Apple announced proudly that its revamped version of Siri would rely on ChatGPT. When that update launched last month, however, it was Google\u2019s Gemini under the hood, just one of several signs of trouble between the companies.<\/p>\n In the meantime, OpenAI paid $6.4bn in equity to acquire the product-less startup of Sir Jony Ive, once Apple\u2019s chief design officer, in 2025. If you want to be more like Apple, buying the sensibility of a principal architect of the iPod, iPhone and iPad is one way to do it. A subtle move it was not.<\/p>\n Apple is clearly worried about turncoats. Ive\u2019s startup is named in the suit, as is Tang Yew Tan, a former Apple vice-president and current head of hardware at OpenAI. The suit may be an attempt to staunch repeated trade secret theft; it may also be a pre-emptive strike to preserve the iPhone\u2019s dominance before an AI-infused competitor can go to market.<\/p>\n OpenAI said in response to the suit: \u201cWe have no interest in other companies\u2019 trade secrets.\u201d<\/p>\n Read more: Apple sues OpenAI, alleging artificial intelligence company stole trade secrets<\/a><\/p>\n And there was more news adding to OpenAI\u2019s woes last week. The company\u2019s second-in-command, Fidji Simo, stepped down. It\u2019s a setback that threatens less ongoing or adversarial difficulty than Apple\u2019s suit but still leaves a leadership vacuum at a critical time for the company.<\/p>\n skip past newsletter promotion<\/a><\/p>\n Sign up to TechScape<\/p>\n A weekly dive in to how technology is shaping our lives<\/p>\n after newsletter promotion<\/p>\n OpenAI needs to generate as much hype and optimism about its future as possible as it prepares to go public. At this moment, its current difficulties, quotidian in comparison to ushering in a glittering future of all-powerful AI, seem to be miring it down and risk investors may lose faith in its ability to execute its vision for a future beyond ChatGPT.<\/p>\n Tech journalism is less online in the age of AI Composite: Guardian Design\/Reuters<\/p>\n I started covering tech a decade ago, in an era when the biggest stories happened online. Donald Trump\u2019s novel and effective use of Twitter. Cambridge Analytica\u2019s acquisition of data from Facebook. The rise of TikTok. Social media was the story.<\/p>\n Today, one of the biggest stories in tech is one that is developing offline.<\/p>\n We are still writing about how people live their lives online, but the offline footprint of today\u2019s biggest story, the AI boom, has become a much bigger part of what we cover than in years past.<\/p>\n The explosion of AI has radically changed the presence of tech companies in the physical world. AI datacentres are some of the most massive and complex structures that humanity has ever created. So tech reporters now write about infrastructure and energy use (like in last week\u2019s TechScape<\/a>). They write about protests and city council meetings. We are still writing about how people live their lives online, but the offline footprint of the AI boom has become a much bigger part of what we cover than in years past.<\/p>\n The Guardian has sent reporters to report on datacenters in the dry US west<\/a>, the ghostly plains of Scotland<\/a> and the most polluted neighborhood in Mumbai<\/a>, among other locales. Each place reveals a new facet of the rapid rollout of the structures that power AI. I\u2019ve got my eye on a few more places with good stories to tell.<\/p>\n Several Guardian tech reporters and editors spoke to our deputy supporters editor about the shifts we\u2019ve seen in our chosen subject in the past few years. You can read more: \u2018These are some of the most complex structures ever created\u2019: how tech reporting moved into the physical world<\/a><\/p>\n The wider TechScape<\/p>\n \u2018This was a righteous case. A holy war\u2019: the lawyer who took on Meta and Google \u2013 and won | Social media | The Guardian<\/a><\/p>\n OpenAI releases latest ChatGPT model after delay over White House cybersecurity concerns<\/a><\/p>\n Parents\u2019 attachment to phone screens can lead to anxiety in children \u2013 study<\/a><\/p>\n EU accuses Meta of failing to tackle mental health risks of \u2018addictive design\u2019<\/a><\/p>\n![\"\"](\"https:\/\/www.newsbeep.com\/uk\/wp-content\/uploads\/2026\/06\/1782850452_383_500.jpg\")
<\/p>\n