The chief executive of the largest bank in the US says the massive scale of AI investment is justified, noting that it is powerful enough to warrant every dollar being spent.
In an interview with Andrew Ross Sorkin, Jamie Dimon says the projected $1 trillion in AI investment over the next few years will be worth it, even if returns do not come easily to Big Tech firms doing most of the spending.
“The way I look at it is that, in total, it will make sense. If you want to try to pick the winners and losers, you will have a hard time. So there will be losers in that to be winners, appeals that I told you so, and stuff like that. But the technology itself is so powerful that it’s worth a trillion dollars of investment.”
Dimon also hints at parts of the market that will likely benefit from the spending spree.
“And the investment is way beyond that, by the way. It’s in chips, it’s in wires, and it’s in hardware and all these other various things. But technology tends to pay for itself. It’s just not in a straight line.”
Looking at the impact of AI on the labor market, Dimon says concerns about massive job displacement are legitimate due to the rapid pace of AI development and adoption.
“When you look at this technology, it is exponential. And if you look at agriculture and the steam engine, electricity, the internet, it took years to roll those in. And the capitalist society is very good at recreating jobs and creating new things, and life has been better, not always if that town loses a factory, but in general, better. We should worry about the people who get hurt by something. I think it’s a legitimate concern.”
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