Nasdaq CEO Adena Friedman on AI Transformation, Reforms

Summary

Adena Friedman, Chair and CEO of Nasdaq, speaks with Bloomberg Surveillance at Davos about AI as a transformational technology that still requires major financing and infrastructure buildout. She highlights that AI investment is around 1% of GDP versus 2-5% in prior tech cycles and says enterprise adoption is showing proof cases with strong returns. She also discusses public-market financing, expected U.S. regulatory reforms, continued foreign capital flows into U.S. equities, and Nordic IPO vibrancy. She briefly comments on Greenland exchange plans.

• AI is described as transformational and requiring significant financing and buildout.
• AI investment is about 1% of GDP, below the 2-5% seen in prior technology cycles.
• Enterprise AI adoption is delayed by change management but proof cases show 2.8x returns.
• Public companies, hyperscalers, semiconductors and private capital are financing AI.
• Friedman wants more AI innovators to come to public markets.
• She expects 2026 to be about rule-making and rule-changing to improve the public company model.
• U.S. markets continue to attract global capital, with $3 trillion of foreign equity inflows last year.
• Nordic and European IPO markets are showing growth and vibrancy.