AI is already detecting fraud, assessing credit, and informing investment decisions. As increasingly autonomous tools enter financial markets, the central question is not only what they can do, but who is accountable for the results.

Winston Dou, Faculty Director of the Wharton AI in Finance Lab, examines how AI is reshaping financial decision-making. He discusses the potential for AI to improve information processing and investment research, why interacting AI agents could affect competition and market stability, and the human oversight needed to make the technology more reliable and accountable.

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AI companies are spending hundreds of billions of dollars on infrastructure. But can that investment deliver the productivity growth needed to pay off?

Jessica Wachter, Dr. Bruce I. Jacobs Professor in Quantitative Finance at The Wharton School, explains research estimating the scale of the productivity gains implied by today's AI investment. She discusses why the industry may need a rare productivity boom by 2028, why AI capital spending could approach $1 trillion, and how companies are racing to build data centers and computing capacity.

Wachter also examines what happens if the expected gains do not materialize, including pressure on stock prices and a higher risk of bankruptcy. She considers how AI-driven productivity could affect workers, wages, and the broader economy.

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Private credit funds promise investors access to their money, but that promise can be difficult to keep when many people want to cash out at once.

Itay Goldstein, Wharton Professor of Finance, explains why private credit funds that invest in illiquid assets can face a dangerous mismatch between investor redemptions and the cash they have available. He discusses the recent pressure on funds with exposure to software companies, how concerns about AI have affected investor sentiment, and why declining inflows can magnify a liquidity crunch.

Goldstein also explores what funds mean when they describe themselves as liquid, the risks of offering semi-liquid products to retail investors, and how clearer product design could help investors better understand when and how they can access their money.

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