Treasury Secretary Scott Bessent Slams AI Industry for Failing to Explain Impact to Public

U.S. Treasury Secretary Scott Bessent stated that America's leading artificial intelligence companies have done a "horrendous job" of explaining themselves to the American people, giving the industry a grade of D-minus.
Bessent emphasized that slowing down development is not an option, warning that if China takes the lead in AI, "everything else we do won’t matter."
According to Bessent, the U.S. controlled approximately 55% to 60% of global AI compute last year and that share could rise to 80% by 2028.
Additionally, he predicted that the ongoing AI spending boom will become "extremely disinflationary," with tangible productivity benefits expected to materialize within the next six months.