JPMorgan Chase CEO Jamie Dimon has compared the rapid advancement of artificial intelligence (AI) to a tsunami, warning that even governments may struggle to prevent its spread. However, he believes the technology could eventually lead to shorter working weeks and significantly higher incomes.
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Speaking at the Economic Club of Chicago on Wednesday, October 14, Dimon said AI was advancing much faster than previous technological revolutions, with new capabilities emerging within weeks, according to a report by Business Insider.
"This is doing stuff today that no one would have imagined was possible literally five weeks ago," Dimon said.
"It's more like a tsunami. It's rolling through the system, and you can't stop some of it," he added.
AI could bring shorter working weeks
Comparing AI's impact to the Industrial Revolution, Dimon said its global expansion made it particularly difficult to contain. He pointed to open-source AI models and systems being developed in China and other countries.
{{/usCountry}}Comparing AI's impact to the Industrial Revolution, Dimon said its global expansion made it particularly difficult to contain. He pointed to open-source AI models and systems being developed in China and other countries.
{{/usCountry}}His remarks come amid massive investments in AI infrastructure. Google, Amazon, Microsoft and Meta planned to spend more than $700 billion in capital expenditure this year, much of it directed towards AI development.
Despite concerns surrounding the technology, Dimon expressed optimism about its potential to transform healthcare, transportation and workplace productivity.
"Thirty years from now, they'll probably be working four or three and a half days a week. They'll have an income of per person of $300,000. It'll be a great life," he said.
Dimon warns of cybersecurity risks
However, the JPMorgan CEO also raised concerns about autonomous AI agents, warning that they could launch cyberattacks around the clock or create security threats when granted access to customers' bank accounts.
"That means they are in your bank and you're assuming they're going to act properly on your behalf and they may not," Dimon said.
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He stressed that businesses and governments must strengthen cybersecurity measures to manage the risks associated with AI.
"You can't stop it. You just have to, like, manage the hell out of it."
His concerns echo warnings from other banking executives.
Bank of America CEO Brian Moynihan revealed during a Wednesday earnings call that the bank had hired 1,000 external consultants to address software vulnerabilities exposed by advanced AI models, including Anthropic's Mythos, according to The Next Web.