CONVERGE LIVE updates: Ray Dalio issues U.S. debt warning, Alibaba’s chairman talks AI

SINGAPORE — Welcome to CNBC’s live blog on the first day of CONVERGE LIVE in Singapore, where global business leaders, investors and key policymakers will share ideas about what it means to innovate and grow across industries.

Some of the top speakers on Wednesday’s agenda include Bridgewater founder Ray Dalio, Salesforce CEO Marc Benioff and Alibaba Chairman Joe Tsai.

Among the first to take the stage were industry titans Dalio and Benioff, who in a wide-ranging discussion touched on the potential for AI, the consequences of tariffs and the future of the U.S. economy.

Dalio warned of a “very severe” U.S. supply-demand problem regarding its debt, which he said could lead to “shocking developments.”

The AI theme will also be front and center during a fireside at 10:15 a.m Singapore time with Alibaba’s Tsai, who will discuss the Chinese e-commerce giant’s outlook and strategy. Notably, Tsai is also poised to share his views on Alibaba’s new AI model, which it says “rivals” other reasoning models, such as DeepSeek-R1.

Schneider Electric Chairman Jean-Pascal Tricoire is also among those due to speak on Wednesday, when topics will range from the rapid rise of AI and its implications for sustainability, global capital flow trends and corporate leadership in a disrupted world.

CNBC’s inaugural CONVERGE LIVE event comes shortly after a nervy start to the week on Wall Street, with investors increasingly concerned that a global trade war could dent U.S. economic growth and trigger a recession.

Singapore’s Deputy Prime Minister Kim Yong Gan struck a bullish tone at the event, saying that that Asia will remain a “beacon of growth opportunities” despite escalating global trade tensions.