Banks racing to adopt AI could end up dangerously dependent on a small handful of Silicon Valley firms, according to a new Moody's report that warns of outages, price hikes and eroding customer trust.

The rating agency's "Bank of the Future" analysis, published in late July, said AI would eventually cut costs and boost revenue across Wall Street and the City, but not without significant risk attached.

Moody's said most financial firms now depend on a relatively small group of foundation AI model and cloud computing providers, creating........

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