Jamie Dimon, CEO of JPMorgan Chase, testifies through the Senate Banking, Housing and City Affairs Committee listening to titled Annual Oversight of Wall Avenue Companies, within the Hart Constructing on Dec. 6, 2023.
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The burgeoning synthetic intelligence instruments from firms like OpenAI nonetheless have their share of skeptics, however do not rely JPMorgan Chase CEO Jamie Dimon amongst them.
The Wall Avenue titan instructed CNBC’s Leslie Picker on Monday that AI isn’t just a passing fad and is larger than simply the massive language fashions like Chat GPT. He in contrast the present second favorably to the tech bubble across the begin of the twenty first century, when investor pleasure seemingly received forward of the particular modifications.
“This isn’t hype. This actual. Once we had the web bubble the primary time round, … that was hype. This isn’t hype. It is actual,” Dimon stated. “Individuals are deploying it at completely different speeds, however it can deal with an incredible quantity of stuff.”
JPMorgan has carried out work on the flexibility to make use of the brand new applied sciences internally, with Dimon saying that AI will finally “be utilized in nearly each job.” JPMorgan created a brand new function of chief information and analytics officer final 12 months, partly to deal with AI.
Dimon stated Monday there are 200 individuals at JPMorgan doing analysis on the massive language fashions which have lately been rolled out by tech firms.
Whereas acknowledging that AI can be utilized by unhealthy actors, Dimon referred to as himself a “large optimist” in regards to the rising know-how, mentioning cybersecurity and pharmaceutical analysis as areas the place it may be useful.
“It could invent most cancers cures as a result of it may well do issues that the human thoughts merely can’t do,” Dimon stated.