U.S. stocks closed lower on Tuesday, backing away from record closing highs as renewed concerns over the artificial intelligence boom weighed on technology stocks days before five of the sector’s most high-profile companies were due to post quarterly results.

Semiconductor shares, which have surged over 40% so far this year, weighed particularly heavily on the Nasdaq. OpenAI missed internal targets for weekly users and revenue, raising concerns ‌over the AI heavyweight’s ⁠ability ⁠to support its massive spending on data centers, according to a report from the Wall Street Journal.

Shares of Oracle fell; the company has come under scrutiny for its reliance on OpenAI.

Chip stocks also dropped, with Nvidia, AMD and Broadcom ending sharply lower. Nvidia-backed CoreWeave also slid.

“(OpenAI) is giving investors more food for thought, whether the growth is slowing and what that means for capex spending,” said Chuck Carlson, chief executive officer at Horizon Investment Services in Hammond, Indiana. “You’ve got major hyperscalers coming out with results tomorrow, which probably gives investors even more reason to take a few chips off the table.”

First-quarter earnings season shifts into overdrive this week, with five of the companies in the Magnificent Seven group of AI-related megacap ⁠firms expected ‌to post results. On Wednesday, Alphabet, Amazon, Meta Platforms and Microsoft are slated to report, with Apple on deck for Thursday.
The companies on deck to report this week account for about 44% of the S&P 500’s total market capitalization, according ⁠to Raymond James. General Motors advanced after the automaker beat quarterly profit estimates and lifted its full-year earnings forecast, boosted by a resilient U.S. car market and an expected tariff refund.

United Parcel Service shares dropped after the package delivery company reiterated its full-year revenue target as spiking fuel costs offset underlying business improvement.

Coca-Cola rose following its better-than-expected quarterly report. The beverage giant played down the impact of high oil prices and raised its annual earnings target. Visa and Starbucks are due to report shortly.

According to preliminary data, the S&P 500 lost 34.81 points, or 0.49%, to end at 7,139.10 points, while the Nasdaq Composite lost 222.37 points, or 0.89%, to 24,664.73. The Dow Jones Industrial Average fell 20.44 points, or 0.06%, to 49,147.35.

THE WAR, SOARING CRUDE PRICES, AND ‌THE FED

The U.S. Federal Reserve has convened for what is likely to be Jerome Powell’s last monetary policy meeting as chair of the central bank. While the Fed is likely to leave its key interest rate unchanged on Wednesday, the accompanying statement and Powell’s subsequent press conference will be ⁠parsed for policymakers’ views on inflation risk related to the war-related energy price spike.

“We know that the Fed is effectively on hold,” said Oliver Pursche, senior vice president at Wealthspire Advisors, in New York. “If oil prices remain elevated, does that create an environment where energy-related inflation is not being viewed as transitory any longer, but rather as something that has a very much longer-term impact and might therefore force the Fed to raise rates?” U.S. President Donald Trump is unhappy with Iran’s latest peace proposal because it would delay negotiations on the nuclear issue, dampening optimism that the conflict, which has rattled world markets and sent energy prices soaring, could be close to resolution. In another blow to oil-exporting countries, the United Arab Emirates announced on Tuesday it was withdrawing from OPEC.

Crude prices spiked, reviving inflation worries and contributing to risk-off sentiment.

The Thai government emphasizes enhanced ASEAN energy cooperation amid Middle East disruptions, addressing supply chain impacts, promoting renewable energy, and increasing domestic production to ensure regional stability and security.

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Key Points

• The Thai government is committed to enhancing energy cooperation within ASEAN amid disruptions from Middle Eastern unrest, focusing on regional energy supply and coordination. Energy Minister Akanat Promphan participated in a special teleconference to address concerns.
• ASEAN relies on the Middle East for approximately 55% of crude oil and 17% of natural gas, with transport disruptions affecting supply chains, pricing, and economic stability. Thai officials expressed concerns over oil price volatility and rising living costs due to these disruptions.
• In response, Thailand plans to increase domestic gas production, diversify import sources, manage prices, and promote renewable energy. The government is also ready to collaborate with ASEAN on regional energy systems and agreements for cooperative measures during supply disruptions to enhance self-reliance.

The Thai government has made clear its commitment to enhancing energy cooperation within ASEAN as the region responds to disruptions linked to unrest in the Middle East. Energy Minister Akanat Promphan recently joined a special ASEAN ministers’ meeting held by teleconference alongside senior officials to discuss the impact on regional energy supply and coordination.

ASEAN countries rely heavily on imports from the Middle East, with about 55 percent of crude oil and 17 percent of natural gas sourced from the region. Disruptions to transport routes, including the Strait of Hormuz, have affected supply chains, pricing, and access to fuel, raising concerns over economic stability.

Thai officials addressed the impact on the country, including volatility in oil prices, rising living costs, and risks to energy security. In response, measures include increased domestic gas production in the Gulf of Thailand, diversification of import sources, and price management through existing mechanisms to ease the burden on vulnerable groups. The government is also promoting renewable energy, such as solar power and biofuels, to support long-term sustainability.

Thailand also signaled readiness to work with ASEAN partners on regional energy systems, including cross-border electricity and gas networks and emergency response arrangements for fuel supply. Member states are now advancing agreements to enable cooperation during supply disruptions to build greater self-reliance across the region.

Source : Thailand Pushes Energy Cooperation Amid Middle East Risks

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For many leaders, digital transformation has long been something to tackle when time allowed, after the next funding round, after the next product launch, after the next operational fire was put out.

Marcin Pichur, Docuware, Regional Vice President Sales, UK/IRE, Spain, Italy, Poland, explains that the UK and Ireland now setting firm timelines for mandatory e‑invoicing, the era of “digital later” has officially ended.

In the UK, April 2029 has become the defining milestone for finance and IT teams. In Ireland, the deadlines arrive even sooner. Large organisations must comply by late 2028, and every business -regardless of size – must be capable of receiving structured e‑invoices by November of that year. For businesses, this means the countdown has already begun. Even if you only issue a handful of invoices a month, your systems will still need to handle structured data, not PDFs that merely mimic digital progress.

What’s often overlooked is that this shift is not simply a compliance exercise. This is a rare opportunity to modernise finance operations, eliminate manual friction and build a more resilient, data‑driven business. Those who act early will gain a meaningful operational advantage. Those who wait will find themselves scrambling to comply while competitors quietly accelerate.

Europe has already proven the model works

The UK and Ireland are not stepping into uncharted territory. Across Europe, e‑invoicing has already transformed how businesses operate. Italy’s Sistema di Interscambio (SdI) has shown how real‑time reporting can dramatically reduce VAT fraud while forcing a step‑change in business digitisation. France, Spain and Poland are following suit, each using structured invoicing to modernise B2B trade and improve tax transparency.

The results are consistent: real‑time visibility, fewer errors, faster payments and a more predictable cash‑flow environment. For SMEs, where cash flow is often the difference between growth and survival, this level of visibility is truly nothing short of transformative.

One misconception persists, however – the belief that emailing a PDF is digital enough. A PDF is not an e‑invoice. It is digital paper. It still requires manual keying, error‑prone OCR and endless reconciliation work. True e‑invoicing uses structured data (typically XML following the EN 16931 standard) that flows directly from one system to another without human intervention. This is the leap UK and Irish businesses must prepare for, and one that exposes the fragility of many finance processes.

IDP: the missing link that makes e‑invoicing viable

This is precisely where Intelligent Document Processing (IDP) becomes indispensable. If e‑invoicing is the destination, IDP is the engine that can get you there without chaos.

Most SMEs do not operate with pristine data, perfectly aligned supplier records or a single unified ERP. They operate with a blend of accounting tools, spreadsheets, legacy systems and manual workarounds. IDP provides the orchestration layer that makes structured invoicing viable in the real world, not just in policy documents.

Modern IDP platforms can extract, validate and match data across the likes of invoices, purchase orders, goods‑received notes and statements. They can identify discrepancies before they become problems, flag exceptions automatically and create touchless workflows that eliminate manual checking. Crucially, IDP validates data before an invoice leaves your system, ensuring that VAT numbers, line items and PO references are correct. This prevents the rejection loops that drain resources and delay payments, a hidden cost that many underestimate until it becomes a crisis.

For businesses with lean finance teams, IDP is a realistic way to scale without adding headcount. It protects your business from the administrative burden of compliance while laying the foundations for automation that goes far beyond invoicing.

Avoiding the “integration tax”

The challenge for many SMEs is what some call the “integration tax”. Large enterprises have transformation budgets and IT teams. Start‑ups have agility. SMEs often have neither. They are caught between ambition and legacy systems, between the desire to modernise and the reality of limited resources.

Waiting until 2028 or 2029 will only make this worse. A last‑minute scramble leads to rushed implementations, bolt‑on tools that don’t integrate and processes that meet the mandate but do nothing to improve the business. Early adopters, on the other hand, can use the mandate as a driving force to fix long‑standing inefficiencies. They can clean supplier data, eliminate spreadsheet‑driven processes, standardise approvals and build a finance stack that supports growth rather than constraining it. This is where SMEs can turn compliance into a competitive advantage, by treating the mandate not as an obligation but as an opportunity.

For SMEs trading across borders, the complexity increases. Each country has its own tax authority, schema updates and technical requirements. Trying to manage this with multiple tools creates inconsistency and unnecessary risk. The smarter approach is to adopt a single e‑invoicing gateway that manages multi‑country compliance and shields core systems from constant regulatory change, giving businesses the stability to focus on growth rather than chasing tax updates – an outcome an e‑invoicing service like DocuWare’s is designed to deliver.

E‑invoicing is only the beginning

Once structured invoice data flows into your business in real time, the benefits extend far beyond compliance. Cash‑flow forecasting becomes more accurate. Month‑end closes become faster. Supplier relationships improve. Audit trails strengthen. Financial reporting becomes more reliable. And, perhaps most importantly, you can gain the data foundation required for AI‑driven analytics and automation. Finance shifts from a reactive function to a strategic one.

For UK and Irish SMEs, the e‑invoicing mandate is a once‑in‑a‑generation chance to modernise. Those who start now will reduce manual workload, improve cash flow, strengthen compliance and build scalable finance operations long before the mandate arrives. Those who wait will face a rushed, expensive, compliance‑only project that delivers none of the upside.

The shift from digital paper to structured data is already underway. The only decision left is whether your business uses this moment to get ahead or simply to catch up.

At DocuWare, we anticipate regulatory shifts long before they become urgent, giving you the power to act while others scramble. Speak with our experts today and claim your competitive advantage.

OMAHA, Neb. — Greg Abel will step onto the stage at the CHI Health Center on Saturday, May 2, 2026, for his first Berkshire Hathaway annual shareholder meeting as CEO, marking the end of Warren Buffett’s six-decade dominance over the event and ushering in a new era for one of the world’s most iconic conglomerates.

The gathering, often called the “Woodstock of Capitalism,” will draw tens of thousands of shareholders to Omaha for what promises to be a historic transition. Buffett, 95, stepped down as CEO at the end of 2025 but remains chairman of the board. Abel, 63, took over as chief executive on Jan. 1, 2026, after years of careful grooming by Buffett as his chosen successor.

This year’s meeting will feature a restructured format. Abel will deliver a business update, followed by two separate Q&A sessions. The first pairs him with Ajit Jain, vice chairman for insurance operations. The second includes Katie Farmer, CEO of BNSF Railway, and Adam Johnson, who leads consumer products, services and retailing. The traditional open-microphone shareholder questions remain, supplemented by queries selected by CNBC’s Becky Quick.

Abel’s first shareholder letter, released in March, emphasized continuity while acknowledging the challenge of following Buffett. “I am honored by our board’s decision to appoint me CEO of Berkshire and humbled to succeed Warren,” he wrote. The letter highlighted Berkshire’s decentralized culture, long-term focus and commitment to quality businesses.

Shareholders expect Abel to address several pressing topics. Key questions include Berkshire’s capital allocation strategy with its record cash pile, potential acquisitions, succession planning beyond Abel, and the performance of major holdings such as Apple, Occidental Petroleum and the insurance operations.

The meeting comes at a pivotal time for Berkshire. The company reported strong operating results in 2025, with insurance underwriting profits and growth in its non-insurance businesses. However, investors will closely watch Abel’s approach to deploying the massive cash reserve and whether Berkshire will pursue larger deals after years of relative caution.

Buffett is expected to attend but will not host the Q&A. His presence will add emotional weight to the event, as shareholders reflect on his legendary tenure. The annual meeting has long served as both a business update and a celebration of Buffett’s folksy wisdom and investment philosophy.

Preparations in Omaha are well underway. Shareholder badges featuring the tagline “The Legacy Continues” show Buffett and Abel side by side. Hotels are booked solid, and local businesses are preparing for the annual influx of visitors. The event remains free for shareholders, though tickets are required and limited.

Analysts and long-time Berkshire watchers view Abel’s debut as a critical test. He must demonstrate command of Berkshire’s complex operations while reassuring investors that the company’s culture of autonomy, patience and value investing will endure. Abel has spent decades at Berkshire, most recently overseeing the non-insurance businesses, giving him deep institutional knowledge.

The format changes signal a shift toward a more operational focus. Bringing division leaders like Farmer and Johnson onstage highlights Berkshire’s diverse portfolio and distributes the spotlight. This approach may become the new normal, reducing reliance on a single charismatic figure.

For shareholders, the meeting offers more than business updates. It serves as a pilgrimage for value investors, with exhibits from Berkshire subsidiaries including See’s Candies, GEICO and BNSF. The weekend also features smaller events, panels and networking opportunities throughout Omaha.

Abel has emphasized continuity in public statements. In his shareholder letter, he stressed Berkshire’s decentralized model, where subsidiary managers run their businesses with minimal interference from headquarters. This hands-off philosophy has been central to Berkshire’s success and is expected to remain intact.

Yet subtle changes may emerge. Observers anticipate a more structured approach to capital allocation and possibly greater emphasis on technology and sustainability. Abel’s background in energy and utilities could influence future investments as Berkshire navigates the energy transition.

The 2026 meeting will also feature the formal election of directors and advisory votes on executive compensation and frequency of such votes. Proxy materials were mailed in March, with voting available online or by mail.

As anticipation builds, CNBC will provide live coverage starting at 9:15 a.m. ET on May 2. The event typically runs from morning until early afternoon, followed by shopping at the exhibit hall.

Greg Abel’s first annual meeting represents both continuity and evolution for Berkshire Hathaway. While Buffett’s shadow will loom large, Abel has the opportunity to define his leadership style before the world’s most dedicated investor audience. How he handles questions, articulates strategy and balances tradition with forward momentum will set the tone for his tenure.

For Berkshire shareholders, the weekend offers a chance to celebrate the company’s remarkable history while looking ahead to its next chapter. As the “Woodstock of Capitalism” convenes once more, all eyes will be on the new CEO taking center stage in Omaha.

Billionaire business tycoon Elon Musk indicated last year that he would donate to support Rep. Thomas Massie’s, R-Ky., re-election bid — but Massie told Fox News Digital on Tuesday that, as far as he is aware, Musk never donated to his campaign.

The congressman emphasized that he still holds Musk in high regard.

“Elon’s done more for America than any other entrepreneur-inventor this century. I think he found it’s easier to land rockets backwards, provide internet to every inch of the planet, and get cars to drive themselves than it is to fix a broken Washington, D.C., and I don’t blame him a bit for stepping away from this mess,” Massie wrote to Fox News Digital on Tuesday.

“Most of my colleagues, and the guy I’m running against, are just not serious about cutting the waste, fraud, and abuse in government,” he continued.

SNUBBED BY TRUMP, GOP CANDIDATES FIGHTING FOR RE-ELECTION ACT LIKE THEY HAVE HIS BACKING ANYWAY

“To my knowledge, he has not donated to my campaign,” Massie noted of Musk. “If he’s donated to a separate superPAC, I’m unaware of that as well. I want to reiterate though that I still have massive respect for him and no animosity whatsoever.”

On June 30, 2025, former Rep. Justin Amash urged Musk to support Massie, writing in a post on X, “Please support @RepThomasMassie. The establishment is working to primary him because he’s a genuine fiscal conservative and opposes the Big, Bloated Scam.”

“I will,” Musk replied.

TECH TITANS ELON MUSK AND SAM ALTMAN HEAD TO COURT IN TRIAL OVER OPENAI: WHAT TO KNOW

Then Musk shared a post in which someone had written, “I donated again to @RepThomasMassie’s re-election campaign. Who’s next?”

“Me,” Musk wrote when sharing the post on July 1, 2025.

Massie, who has served in the House since late 2012, is facing former Navy SEAL Ed Gallrein in the Republican primary in Kentucky’s 4th Congressional District. 

ELON MUSK REPORTEDLY BEGINS FUNDING REPUBLICANS FOR 2026 MIDTERMS

CLICK HERE TO GET FOX BUSINESS ON THE GO

Gallrein is backed by President Donald Trump, a vociferous Massie critic.

Cardiff-based Elmatic has been acquired by NIBE Industrier AB.

One of the UK’s oldest manufacturers of industrial electric heating elements, Cardiff-based Elmatic, has been Swedish corporate giant NIBE Industrier AB.

Founded in 1949, Elmatic (Cardiff) Ltd has operated as a family-run business dedicated to producing custom-built heating solutions for diverse industries.

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NIBE Industrier AB brings more than 70 years of international industry leadership, originating in Markaryd, Sweden, and expanding to become a global group with a focus on sustainable, energy-efficient heating, climate and control solutions.

John Skalitzky, former owner of Elmatic (Cardiff) Ltd, “On behalf of my family and myself, we are reassured by the knowledge that Elmatic’s future will continue under the leadership of NIBE’s group of companies. I would like to thank the exceptional team of employees, who will continue their work in very capable hands.”

Following the acquisition, the value of which has not been disclosed, Elmatic will continue to operate with the same management team,

To support the transition and strengthen strategic alignment within the NIBE Element business area, Simon Ellam, managing director of Backer Heatrod and Heat Trace , will take on a chairman role supporting Elmatic’s leadership team. His extensive industry expertise and experience within NIBE Element’s UK operations will help guide Elmatic through its next chapter of growth.

Mr Ellam said “It’s clear that industrial heating technology has been at the heart of Elmatic’s strategy from the start and combining this core strength with both our UK and group capabilities will only go to strengthen the industrial heating solutions we can provide. John took the business on from his father and has continued to innovate from both a business and technology perspective ever since. I’m excited to learn from the team and to help guide Elmatic in the coming years.”

Cardiff-based Gambit Corporate Finance acted as lead advisor to the shareholders of Elmatic on initiating, negotiating, structuring and project managing the transaction. The Gambit team comprised Frank Holmes (partner), Cen Thomas (director), Sean David (executive) and Leo Crawford (analyst).

Mr Skalitzky added, “I would like to thank the team at Gambit for their role in advising us throughout the transaction. From the inception of the process to completion, their commercial experience and guidance was invaluable and they took a “sleeves-rolled up” approach to supporting us every step of the way.”

Mr Thomas, director at Gambit, said: “Elmatic is a great example of a leading industrial business with a strong family heritage and its acquisition by NIBE provides a strong platform for its future growth. We are delighted to have advised the shareholders of Elmatic with this landmark transaction.”

Geldards provided legal advice to the shareholders and its team was led by Alex Butler, Mina Dimitrova (corporate) and Henry Bright (commercial property)

It would be inconsistent to encourage Welsh businesses to embrace AI without doing the same ourselves says CEO of the Development Bank of Wales Giles Thorley

Artificial intelligence (AI) is rarely out of the headlines. Depending on who you listen to, it is either the defining opportunity of our time or a disruptive force we are only beginning to understand. The reality, as ever, sits somewhere in between.

What is clear is that AI is no longer a distant concept or a niche technology. It is already shaping how businesses operate, how decisions are made and how new ideas come to market.

The question for Wales is not whether AI will have an impact, but how we make that impact work for our economy, our businesses and our communities.

From our vantage point at the Development Bank of Wales, we are seeing that shift happen in real time.

The leading Large Language Model (LLM) providers are leapfrogging each other with extraordinary speed and frankly startling progress in capability. Innovation is accelerating – with AI driving it.

READ MORE: The South Wales compound semiconductor cluster targeting 6,000 jobs by 2030READ MORE: The verdict on Plaid Cymru’s plans for the Welsh economy

One of the most encouraging trends we see is the growing number of Welsh businesses using AI as part of their core proposition.

These are not abstract ideas or speculative concepts. They are practical applications. These are companies using data, automation and machine learning to solve real-world problems. In sectors as diverse as energy, life sciences, fintech and advanced manufacturing, founders are building products and services that would have been far harder to develop even a few years ago.

AI, in that sense, is acting as an accelerator. It is helping businesses move faster from concept to commercialisation, test ideas more quickly and operate at a scale that would previously have required far greater resource.

Wales has always had strong foundations in innovation, from industrial heritage to academic research and emerging technology clusters. AI adds another layer to that capability.

But it is important to be clear-eyed. Not every business with “AI” in its pitch deck is investable, and the fundamentals still matter. At the Development Bank of Wales, we assess every opportunity on its individual merit; this includes the strength of the team, the clarity of the market need, and the path to sustainable growth.

AI can enhance a proposition. It cannot replace one. Productivity matters just as much as innovation.

What investors seek in an AI proposition

Just as importantly, investors are paying closer attention to the practicalities: cost, delivery and risk. AI can introduce new ongoing costs (such as token costs, software licenses, cloud storage and specialist skills), and it can create new responsibilities around security, privacy and quality control.

The most investable teams can explain the business case clearly, show how the technology will be used safely with customer data, and set out sensible checks and governance from day one, particularly in sectors such as finance, healthcare and the public sector.

Used well, AI can take on routine, time-consuming tasks that sit behind almost every business. Administrative processes, data handling, reporting, customer queries, all areas where time is often stretched and margins are tight.

The benefit is not simply about doing things faster. It is about freeing up capacity for the work that actually drives value: judgement, creativity, sales, marketing and building relationships.

For a small business owner, that might mean spending less time on paperwork and more time with customers. For a growing company, it could mean scaling operations without immediately increasing headcount. For established firms, it offers a way to improve efficiency and remain competitive in changing markets.

In a nation like Wales, where many businesses are SMEs operating with finite resource, those gains matter.

We are already seeing examples of Welsh firms using AI in practical, grounded ways — not as a headline feature, but as a tool embedded into everyday operations. That quiet adoption may ultimately prove more transformative than the headline-grabbing breakthroughs.

The challenge, as with finance, is often not awareness but confidence. Knowing where to start, which tools to trust and how to integrate them safely into existing processes can be a barrier. That is where support, guidance and shared learning become important.

However, there are risks with AI too. Ideas can become infinitely copyable. Simple short-cuts using AI will ultimately be used by everyone. Where, historically, a business might have had barriers to entry that protected their market niche, those barriers may not provide the same level of protection and may be breached much more easily. Complacent businesses will struggle.

The technology is moving so fast that there is an attitude among some that there is no need to rush to jump in. “Let’s wait to see who /what comes out as a winner” is the mantra of some. Unfortunately, however, few businesses can afford to wait. Just ask one of the LLMs a detailed question about your own business and be amazed at the result.

Putting AI to work at the Development Bank of Wales

It would be inconsistent to encourage Welsh businesses to embrace AI without doing the same ourselves.

Within the Development Bank of Wales, our approach is deliberately calm and practical. We are not looking for technology for its own sake. We are focused on how AI can strengthen the way our teams work and add value to the roles they perform every day.

That starts with making sure colleagues have access to the right, approved tools, supported by clear guidance and guardrails. Confidence matters. People need to understand not only what AI can do, but how to use it responsibly and effectively.

As a result, every colleague has been put through initial training and encouraged to use AI in their daily tasks. Within the business we have already identified 30 AI champions positioned throughout the business, given enhanced training and more AI tools to see what they can deliver but also to support their colleagues.

Our initial objective is for AI to act as a personal productivity enabler across the organisation – to help reduce administrative and repetitive tasks, freeing up time for the areas where we believe that human judgement is essential. That is particularly relevant in a development bank. Our role is not simply transactional. It relies on insight, experience and local understanding. If AI can help us spend more time on those elements, then it is doing its job.

It is also possible that this type of human judgement such as assessing businesses on the ground, understanding risk, building relationships and supporting customers will become increasingly rare as AI influences other investors and lenders.

We are also seeing potential to use AI to support better decision-making, not by replacing human input, but by enhancing it. Better use of data, clearer analysis and more efficient processes all contribute to stronger outcomes for the businesses we support.

A practical opportunity available now

There is a tendency, with technologies like AI, to frame them as something that will transform the economy at some point in the future.

In reality, that transformation is already under way, but it is happening incrementally, through thousands of small, practical changes rather than a single defining moment. But, perhaps unusually, it is you and your colleagues that have far greater control – ideas that required expert input, process, time and cost are available at your fingertips.

For Wales, the opportunity is clear. We have innovative businesses already using AI to build new solutions. We have a broad base of companies that can benefit from improved productivity. And we have institutions, including ourselves, that can help create the conditions for that adoption to happen responsibly and at pace.

As ever, this is not about one organisation or one sector. It is about an ecosystem: businesses, funders, educators and policymakers working together to build confidence and capability.

AI will not solve every challenge facing the Welsh economy. But used well, it can help us do more with the strengths we already have. Not being used at all risks businesses being left behind by a market that will be accelerating away faster than ever.

The more challenging research analysis on the impact of AI presents a bleak picture of a dramatic reduction in personnel in many roles, replaced by an algorithm. A more aspirational analysis is that the algorithm replaces the mundane and allows colleagues to increase their focus on adding value – it is this model that we are seeking to achieve for our customers.

Wales has never lacked ideas or ambition. The task now is to apply the tools available to us – including AI – in a way that turns that ambition into sustained, practical growth.

• Giles Thorley is chief executive of the Development Bank of Wales