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A year ago, artificial intelligence was being sold as something close to science fiction — a technology that could transform society, cure disease, even reshape the global economy.

Today, the tone is changing. The companies leading the revolution are racing to the stock market — chasing billions in investment — while quietly confronting a much harder reality: AI is expensive, unpredictable, and far from profitable.

At the same time, some of the very people building this technology are warning we may be going too fast — even calling for a global pause.
And beyond Silicon Valley, a different story is emerging: growing public anxiety, political backlash, and the rise of what some are calling anti-AI populism.

So is AI entering its most pivotal moment yet — caught between financial pressure, technological risk, and political resistance?

AI Decoded Presenter Christian Fraser is joined by Financial Times AI Editor Madhumita Murgia, Thematic Strategist at Deutsche Bank Research Adrian Cox and Richard Coffin, Host of popular investing podcast ' The Plain Bagel'.

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