Federal Reserve: AI Tops Financial Stability Concerns as Related Debt Exceeds $680 Billion

The US Federal Reserve released the November edition of its Financial Stability Report, recording artificial intelligence as the most frequently cited risk in the participants' survey, after debt linked to advanced computing infrastructure saw a sharp rise.

Debt issuance linked to advanced computing technologies reached $680 billion through October 2025, compared with $130 billion for all of 2023 — roughly five times as much. The share of this debt in total non-financial corporate issuance rose from less than 6 percent in 2023 to about 31 percent in 2025. Total outstanding publicly traded debt linked to advanced computing exceeded $1.1 trillion as of October 2025, and the report noted that the private credit market includes additional transactions that complicate precise measurement of the overall size.

Survey participants voiced concern about elevated equity valuations, cyberattacks that rely on artificial intelligence, and complex financing tools associated with it. The report ranked cyberattacks and the fiscal sustainability of public debt among the risks most likely to cause severe damage.

Compared with last May's survey, concerns over artificial intelligence, rising long-term interest rates, and cyberattacks recorded the highest increases among all the monitored topics.