State Street CEO: AI Demand Is Real, Hard to Call It a Bu

State Street Chairman and CEO Ron O'Hanley said it is "hard to see" artificial intelligence forming a bubble, arguing that genuine demand underpins the massive investment flowing into the technology. Speaking in a Bloomberg Television interview aired Tuesday, November 3, O'Hanley said data centers are not being built speculatively, noting they are backed by real orders and, in most cases, real companies. His comments push back against growing market concerns that AI infrastructure spending—running into hundreds of billions of dollars across hyperscalers and chipmakers—may be overheating. As a custodian bank with roughly $4 trillion in assets under management and over $40 trillion in assets under custody, State Street's view carries weight among institutional investors weighing AI-related exposure. Watch for upcoming hyperscaler earnings and data center financing deals for further signals on whether AI demand remains durable or shows signs of strain.