News Summary

• Bank of England governor Andrew Bailey says the UK needs to be prepared for shocks.
• He says the central bank is watching the huge amounts of money being invested in AI "very carefully" The money that has been spent on and loaned to AI firms over the last few years in the hope of large returns is causing markets to value some of them as multi-trillion dollar businesses.
• AI chipmaker Nvidia is currently the world's most valuable listed company, with a market valuation of $5.5tn (£4.14tn)