Jamie Dimon warns AI moving so fast even governments may struggle to stop its spread

Dimon warns of rapid change

JPMorgan Chase CEO Jamie Dimon said AI is developing at a pace that could make it difficult for governments to stop its spread. He said it is already doing things that would have seemed impossible just five weeks earlier.

Dimon compared the technology’s momentum to a tsunami moving through the system. He said some of its effects cannot be stopped, and that people must manage it carefully.

AI spending accelerates

The rapid development is unfolding alongside a major increase in AI investment. Google, Amazon, Microsoft and Meta planned to spend more than $700 billion on capital expenditures this year, much of that directed toward AI infrastructure. Dimon also described a potentially more prosperous future, saying that in 30 years people might work three or three and a half days a week and have per-person incomes of $300,000.

Banks face AI risks

Dimon warned that AI systems may be used in banking, where customers expect them to act in their interests. He said they may not always do so, reinforcing the need for close oversight.

Bank of America CEO Brian Moynihan told analysts during a Wednesday earnings call that the bank had hired 1,000 external consultants. They were brought in to shore up software vulnerabilities exposed by top-tier models such as Anthropic’s Mythos.