JPM - Jamie Dimon who called Bitcoin a 'pet rock' says AI is 'very real'
2024-02-26 14:23:38 ET
Artificial intelligence is not a “fad” and will eventually “be used in almost every job”, says Jamie Dimon – the chief executive of JPMorgan Chase & Co (NYSE: JPM).
Dimon’s remarks on artificial intelligence
Last month, the Wall Street titan called Bitcoin a “pet rock that does nothing” as Invezz reported here .
But he apparently has an entirely different view on AI. In an interview with CNBC on Monday, Dimon said:
When we had the internet bubble the first time around … that was hype. This is not hype. It’s real. People are deploying it at different speeds, but it will handle a tremendous amount of stuff.
In 2023, JPMorgan partnered with TIFIN to explore the potential of artificial intelligence in financial services. Note that Statista forecasts the AI market to grow some tenfold by 2030.
Watch here: https://www.youtube.com/embed/msMEtF1F434?feature=oembedJPMorgan is serious about AI
Dimon’s comment arrives months after JPMorgan created a new executive role that it called the chief of data and analytics – aimed primarily at AI.
The financial services behemoth currently has about 200 of its employees conducting research on LLMs, the chief executive revealed on Monday.
'2023 was the 'Year of AI', 2024 is the 'Year of Effective AI',' says JPMorgan https://t.co/vgq8pOUNcL pic.twitter.com/T5h2v1TItv
— Streetinsider.com (@Street_Insider) February 26, 2024
CEO Jamie Dimon, who recently sold one million shares of JPMorgan Chase & Co, is particularly optimistic on what artificial intelligence can deliver for cybersecurity and pharmaceutical research.
It may invent cancer cures because it can do things that the human mind simply cannot do.
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