New York Fed President John Williams stated that he does not believe the current situation is a "bubble" but rather excitement and enthusiasm surrounding new technologies. He added that despite increased borrowing, he is not currently concerned about financial stability risks. However, Kansas City Fed President Jeff Schmid questioned whether the industry is becoming "too big to fail" and expressed concerns about funding flows and their potential ripple effects. San Francisco Fed President Mary Daly also noted that the situation is "very concerning" based solely on growth rates and investment scale, emphasizing the need for the Federal Reserve to establish a risk "dashboard" to monitor potential issues.