JPMorgan CEO Jamie Dimon on state of the US economy, commercial real estate risks and AI hype

The burgeoning artificial intelligence tools from companies such as OpenAI still have their share of skeptics, but don’t count JPMorgan Chase CEO Jamie Dimon among them.

The Wall Street titan told CNBC’s Leslie Picker on Monday that AI is not just a passing fad and is bigger than just the large language models such as Chat GPT. He compared the current moment favorably to the tech bubble around the start of the 21st century, when investor excitement seemingly got ahead of the actual changes.

“This is not hype. This is real. When we had the internet bubble the first time around … that was hype. This is not hype. It’s real,” Dimon said. “People are deploying it at different speeds, but it will handle a tremendous amount of stuff.”

Jamie Dimon, CEO of JPMorgan Chase, testifies during the Senate Banking, Housing and Urban Affairs Committee hearing titled Annual Oversight of Wall Street Firms, in the Hart Building on Dec. 6, 2023.

Tom Williams | Cq-roll Call, Inc. | Getty Images

JPMorgan has done work on the ability to use the new technologies internally, with Dimon saying that AI will eventually “be used in almost every job.” JPMorgan created a new role of chief data and analytics officer last year, in part to handle AI.

Dimon said Monday that there are 200 people at JPMorgan doing research on the large language models that have recently been rolled out by tech companies.

While acknowledging that AI can be used by bad actors, Dimon called himself a “big optimist” about the emerging technology, mentioning cybersecurity and pharmaceutical research as areas where it can be helpful.

“It may invent cancer cures because it can do things that the human mind simply cannot do,” Dimon said.

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