JPMorgan CEO Jamie Dimon believes the AI boom will ultimately strengthen the US economy, even though it may carry elements of excess.
In a new Fortune interview at the Most Powerful Women Summit in Washington, Dimon says AI-related capital expenditures (CapEx) are driving a meaningful share of US economic growth.
Dimon says the current wave of investment is vast, spanning both digital and industrial infrastructure.
“It’s 40% of the increase in GDP, which I forgot was 2.5%. So it was a big increase in CapEx. And remember that CapEx is roads and cement and steel and servers and connectors. It’s a million different things going [on].”
He argues that while some areas of the AI ecosystem may exhibit speculative behavior, the overall return on investment is likely to be positive over time.
“I wouldn’t say I’m concerned. And like I said, you can’t look at AI as a bubble, though some of these things may be in the bubble. In total, it’ll probably pay off.”
But Dimon warns that execution risks remain high, particularly for companies relying on uncertain financing or strained energy capacity.
“Some of those projects won’t get done the way they were announced. Someone won’t get the power they need.”
He noted that not all projects are built on solid balance sheets.
“If JPMorgan’s leasing a building from you, that’s a pretty good credit. If you are relying on a company that doesn’t have revenues to pay you for your lease, that’s not the same thing.”
Dimon adds that AI infrastructure must be reviewed “project by project” to separate sustainable ventures from fragile ones.
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