Big Tech’s AI capex splurge can’t go on forever AI The eye-watering capital expenditure plans of Big Tech has been one of the year’s biggest stories. Google, Meta, Amazon and Microsoft have all splurged to secure a podium spot in the race to build out the infrastructure which will run the artificial intelligence (AI) revolution. Total capex by these four firms is expected to reach $750bn [...]
HSBC targets $100m in savings with Google Cloud AI tie-up Banking Europe’s biggest lender HSBC has sealed a a tech tie-up with Google where it aims to use AI to scout priority projects that could bank the firm $100m in “efficiency gains”. The FTSE 100 giant is planning to roll out Google Cloud across its operations in a deal that the bank says will allow 200 [...]
The EU has regulated itself out of the AI race but the UK is still in the game AI After months of debate and final negotiations that stretched long into the night, EU officials were jubilant when, as 2023 came to a close, the European Parliament reached an agreement on what would become the EU’s AI Act; a sprawling legal framework designed to regulate artificial intelligence across all member states. The EU’s top officials [...]
From mild to wild: What impact will AI have on banking jobs? June 10, 2026 Top banking bosses have issued their AI verdict after Standard Chartered stunned the sector with plans for sweeping job cuts last month. In this week’s column Samuel Norman looks at whether a reckoning could be on the horizon. The big-name banker must have known how the conversation would go when he arrived for lunch with [...]
I’m an AI founder – here’s why I agree with the Pope about AI June 3, 2026 Pope Leo XIV’s has produced the most profound piece of writing on AI – critiquing how extreme capitalism uses AI to homogenize knowledge and concentrate power, says Lewis Liu When I was 18, I took a religious philosophy course as part of the core curriculum at Harvard. When we dove into the Tower of Babel, [...]
Top City law firm slammed for ‘misleading’ AI letters sent to court May 26, 2026 A well-known London-headquartered law firm has been criticised by a High Court judge after a lawyer sent the court AI-generated letters containing false legal information. A judgment handed down on 22 May found a junior solicitor at Pinsent Masons used AI to draft two “misleading” emails containing so-called hallucinations sent to the High Court [...]
‘It will reduce jobs’ – Jamie Dimon sounds off on AI’s impact on banks May 21, 2026 One of the world’s leading financial figures has warned AI will inevitably lead to a cut in jobs amid growing jitters around the impact the new tech will have on the banking sector. Jamie Dimon – the top boss of America’s largest bank, JP Morgan – said: “I think [AI] will reduce our jobs down [...]
Data centres to consume tenth of global power by 2050 May 20, 2026 The AI boom is set to drive one of the largest increases in electricity demand in modern history, with data centres expected to consume a tenth of the world’s power by 2050. Global data centre electricity demand will more than double from 500 terawatt-hours (TWh) last year to 1,114TWh by mid-century, according to BloombergNEF data, [...]
Deloitte: UK Gen Z and Millennials delaying milestones and living ‘payslip to payslip’ May 13, 2026 British Gen Z and Millennials are delaying major life decisions as they live “payslip to payslip”, according to data shared exclusively with City AM from Big Four giant Deloitte. The data, based on findings from 806 respondents as part of the firm’s annual Gen Z and Millennial Survey, revealed that around 40 per cent of [...]
AI’s biggest problem is that it is trained to ‘please you’, warns tech chief May 13, 2026 The biggest risk facing AI may be that it becomes too good at telling users what they want to hear. Anthony Goonetilleke, chief tech officer at software firm Amdocs, told City AM businesses rushing to deploy AI are vastly underestimating a more subtle and potentially more dangerous problem emerging inside LLMs. “There’s another bucket I [...]