Apollo's chief economist said that the AI boom will dampen hopes for the new Fed chairman, Jerome Powell, to quickly lower interest rates.

Chief economist Torsten Slok of Apollo Global Management Inc. stated that the construction of artificial intelligence infrastructure in the early stages will push up inflation, making it impossible for the new Federal Reserve Chairman Kevin Wash to lower interest rates as quickly as he suggested before. "We may have to wait a bit longer because in the early stages, the AI boom is definitely going to boost inflation," he said, noting that the risks of price pressures are "very clear" from semiconductor prices, energy prices, and labor costs.