AI could be as consequential to the economy as electricity, says Jamie Dimon
CNN
Jamie Dimon believes artificial intelligence will have a huge impact on global business this year.
Jamie Dimon believes artificial intelligence will have a huge impact on global business this year. Dimon, one of the world’s most influential business leaders, said in his annual shareholder letter Monday that while he doesn’t yet know the full effect AI will have on business, the economy or society, he knows its influence will be significant. “We are completely convinced the consequences will be extraordinary and possibly as transformational as some of the major technological inventions of the past several hundred years: Think the printing press, the steam engine, electricity, computing and the Internet, among others,” the JPMorgan Chase (JPM) CEO wrote in the letter. The AI explosion has already transformed workplaces across the world and nearly 40% of global employment could be disrupted by AI, according to the International Monetary Fund. Industries from medicine to finance to music have already felt its effects. Shares of companies associated with the AI boom have soared. Chipmaker Nvidia (NVDA) is up more than 219% over the last 12 months, while Microsoft (MSFT) is up nearly 50%. JPMorgan, the world’s largest bank by market capitalization, is exploring the potential of generative AI within its own ecosystem, said Dimon. Software engineering, customer service and operations and general employee productivity are all getting AI makeovers.
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