"AI is going to cure a lot of cancer, and I think it's going to change a lot. It's not going to roll out at the pace people expect. It is a slog. We're spending more money, not less money," said JPMorgan Chase Chairman and CEO Jamie Dimon during an Institute for International Finance (IIF) event, according to Bloomberg.
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Strategic Investments in Technology
The chief executive highlighted that the bank was able to identify certain projects where they can invest to yield great results. Speaking in this context, Dimon said, "We could identify certain projects where we put in the money and we have great return. There's some others like they are table stakes, like the amount of money changing data into cloud-enabled data. That's table stakes. It's going to cost billions of dollars or ultimately over time. So we try to track all of that."
Navigating Cybersecurity Risks
When asked about public policy and what the CEO wants from Washington, Dimon responded, "Bad guys are going to use AI, and that’s true for every technology—aeroplanes, drugs, you name it. Bad guys are using this. Cybersecurity is directly related because they’re using AI to try to get through your cyber defences, and in some cases, you read about it quite successfully. I put that down as one of the biggest risks that banks have and the system is cyber."
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Need for Balanced Regulation
"And so it's not just us. We're all hooked into so many different things, and so they (Regulators) have to do something. I think it's incumbent upon us to work with regulators and governments to make sure that something is good and not crippling that allows innovation but reduces risk," he continued.
Europe Comes up with Important Subjects
"I think it's doable. When I travel around... I think Europe very often comes up with really important subjects. They are kind of more focused on it than America, like privacy, fairness, and a whole bunch of stuff sometimes. But sometimes you can over-regulate something so that they will lose in the AI business if they over-regulate. So I'm very sympathetic to that too. It should be done quite carefully," Dimon added.
"America will do great in AI almost no matter what at this point," concluded JPMorgan's Jamie Dimon.
AI is not Hype, But Real
This is not the first time Jamie Dimon has talked about AI's role in curing cancer. Earlier in February, the JPMorgan Chase CEO, while speaking to CNBC, said, "The rapidly advancing technology of artificial intelligence is not just a hype "but real", and can be useful to the extent of finding cures for fatal diseases such as cancer."
"It may invent cancer cures because it can do things that the human mind simply cannot do," Dimon said on February 26.
"This (AI) is not hype. This is real. When we had the internet bubble the first time around, that was hype. This is not hype. It's real," he said, adding that "People are deploying it at different speeds, but it will handle a tremendous amount of tasks."
AI will find its usage "in almost every job," Dimon said during the interview with the news channel.
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Impact on Employment
In another instance, on October 8, while speaking with Bloomberg, JPMorgan's Dimon said AI will "change an awful lot of things," adding that artificial intelligence will eliminate some jobs but will also create and enhance others.
In response to a question about technology potentially taking away some jobs, Dimon said, Sometimes it does. But in the big picture, it is why mankind has improved over time: lives are longer, GDPs go up, productivity goes up, health gets better, and work hours go down. So we need to keep in mind that the benefits are huge, and we probably need to find a better way to help the people get hurt by it.
