Despite repeatedly dismissing Bitcoin in the past, JPMorgan CEO Jamie Dimon appears to be very enthusiastic about artificial intelligence.
In a recent letter, Dimon compared AI to the steam engine, the most iconic and significant invention from the Industrial Revolution, Bloomberg reports.
On top of the steam engine, the famous banker also brought up other revolutionary technologies of the likes of electricity and the internet. He believes that the technology is capable of augmenting virtually every job.
Dimon is far from being the only billionaire to tout the transformative potential of AI. Microsoft cofounder Bill Gates, for instance, predicted that the impact of AI could be bigger than that of personal computers. However, he has also cautioned that the technology could widen the gap between the rich and the poor. Meanwhile, billionaire investor Steve Cohen said that the AI could result in a four-day working week being the new norm for most people.
The euphoria surrounding AI has pushed U.S. stocks to record highs, with some voicing concerns about a potential bubble being in the making. U.S. chipmaker Nvidia benefited the most from the recent AI boom, becoming the world's third-biggest company, with a market cap of $2.196 trillion. According to Fortune, names such as JPMorgan, Goldman Sachs and Morgan Stanley are now searching for new AI-based bets (especially in emerging markets).
Even though some AI proponents are also excited about crypto, Dimon remains one of Bitcoin's staunchest critics. During a recent congressional hearing, he called for a government ban on cryptocurrencies.
Denys Serhiichuk
Valeria Blokhina
