In a recent interview with CNBC, JPMorgan Chase CEO Jamie Dimon expressed his unwavering confidence in the transformative power of artificial intelligence (AI), dismissing sceptics who consider it a fad. Dimon emphasised that AI extends beyond the realm of large language models like Chat GPT, asserting that its impact is tangible and far-reaching.
Dimon drew a parallel between the present state of AI and the tech bubble at the beginning of the 21st century, highlighting that the current enthusiasm is grounded in actual advancements rather than speculative hype. “This is not hype. This is real. When we had the internet bubble the first time, that was hype. This is not hype. It’s real,” Dimon affirmed, adding that people are adopting AI at different speeds, but its vast capabilities will revolutionise various aspects of business and society.
JPMorgan has been actively exploring the integration of AI internally, with Dimon foreseeing its incorporation into nearly every job in the future. Despite acknowledging the potential for AI misuse, Dimon remains optimistic about the technology’s positive contributions, particularly in cybersecurity and pharmaceutical research.
Last year, JPMorgan established the chief data and analytics officer role to oversee the incorporation of new technologies, including AI. Dimon revealed that around 200 professionals at JPMorgan are dedicated to researching large language models, a testament to the financial giant’s commitment to staying at the forefront of AI advancements.
Despite acknowledging the risks associated with AI, Dimon expressed optimism about its potential to bring about significant positive change. He highlighted the prospect of AI contributing to groundbreaking discoveries in pharmaceutical research, stating, “It may invent cancer cures because it can do things that the human mind simply cannot do.”
As AI continues to evolve, Jamie Dimon and JPMorgan Chase are positioning themselves to leverage its capabilities, recognising the real and transformative impact it can have on the financial industry and beyond.
