\u201cIt will eliminate jobs,\u201d Dimon said, pointing out that so did tractors and cars, once upon a time. \u201cIt happens too fast,\u201d he said, referring to sudden, disruptive technological change. He urged society, government, and business to \u201cfigure out how we can save jobs,\u201d whether that\u2019s through retraining, a new form of income, early retirement, he said there\u2019s a need for \u201csomething\u2014you can\u2019t just take all these people and throw them on the street \u2026 making $30,000 a year when they were making [$150,000], you\u2019ll have a revolution.\u201d<\/p>\n
He insisted that the breakthrough is genuine and worth taking seriously. \u201cAI itself is real,\u201d he declared, making clear that he sees the underlying technology as both transformative and enduring. \u201cYou should be using it,\u201d he said, speaking to any business that was listening. But he added a caveat, saying that back in 1996, \u201cthe internet was real,\u201d and \u201cyou could look at the whole thing like it was a bubble.\u201d Then he broke down the real difference that he sees\u2014between AI, on the one hand, and generative AI, on the other. It\u2019s an important distinction, Dimon said, while adding that \u201csome asset prices are high, in some form of bubble territory.\u201d<\/p>\n
Bubble or not<\/p>\n
Dimon compared today\u2019s AI exuberance to the early days of the internet, calling that \u201cin total, a payoff,\u201d as Google<\/a>, YouTube<\/a>, and Meta<\/a> eventually emerged and proved durable. He said he was somewhat cautious about conditions in the current market, yet he urged people not to simply label all of AI as a speculative frenzy. \u201cYou can\u2019t look at AI as a bubble, though some of these things may be in the bubble. In total, it\u2019ll probably pay off.\u201d He said some projects won\u2019t be done the way they were announced, others will get the power they need, but he declined to discuss them in particular, urging a case-by-case evaluation of investments. Just days earlier, Dimon had warned in a BBC interview<\/a> that he saw a 30% chance of a correction in the stock market, calling himself \u201cfar more worried than others.\u201d<\/p>\n Under Dimon\u2019s leadership, JPMorgan has invested billions in artificial intelligence and machine learning since 2012, with more than 2,000 staff now dedicated to AI and hundreds of applications in production. He has cited tangible benefits worth upwards of $2 billion in cost savings<\/a> or new revenue streams. Dimon described AI as being seamlessly embedded in JPMorgan\u2019s operations, from fraud prevention to customer service to the analysis of complex legal documents.<\/p>\n The CEO made a crucial distinction, saying that his bank has applied AI to \u201cvery specific things\u201d such as risk and fraud and marketing, and he\u2019s seen that it works. He argued that AI adoption is sometimes hard to distinguish from pure procedural improvement, likening it to going into a new work stream, \u201cand all of a sudden your headcount\u2019s down 40%.\u201d<\/p>\n