Jamie Dimon, CEO of JPMorgan, used to be skeptical of cryptocurrency but now he is more interested in artificial intelligence (AI). He compares AI to the steam engine and electricity, which were both significant advancements forward in technology.
According to Bloomberg, Dimon recently commented about how Artificial Intelligence could change things in a way similar to how the steam engine changed things during the Industrial Revolution. Among other things, he discussed how it could change many fields and improve almost every job.
AI Wealth Disparity Concerns
A lot of notable individuals in the tech and finance industries, including Dimon, are enthusiastic about AI and know how significant of an effect it will have. According to Bill Gates, co-founder of Microsoft, Artificial Intelligence could have the same kind of impact as personal computers.
However, Gates has also warned that Artificial Intelligence could make the gap between those in wealth and those in poverty escalate. Along the same lines, Steve Cohen, an internationally recognized wealthy investor, has thought that AI could make a lot of individuals work weeks briefly.
Some people are concerned about an upcoming bubble because of the rise in interest in Artificial Intelligence, which has sent U.S. stock markets to all-time highs. One company that has done exceptionally well during this AI boom is U.S. chipmaker Nvidia, which has a market value of $2.196 trillion and is the third-largest company in the world.
Banks like JPMorgan, Goldman Sachs, and Morgan Stanley are now actively looking for investment chances in AI, especially in markets that are still expanding.
However, Dimon is still very critical of cryptocurrencies, especially Bitcoin, even though he is increasingly positive about Artificial Intelligence currently. He clearly stated his position on the issue during a recent hearing in Congress, where he called for the government to step in and prevent cryptocurrencies.
