Speaking in an interview with CNBC, Dimon said AI is already beginning to move beyond chatbots and software into scientific research and real-world applications.
“AI itself is going to cure cancer. It’s going to reduce deaths on the road and in hospitals. It’s going to invent new composite materials. It’s going to be an unbelievable thing,” Dimon said.
He acknowledged that, like any major technology, AI carries risks.
“Like any new technology, there are downsides. Planes have been misused. Drugs are misused. What we want is to get the best out of AI,” he said.
According to Dimon, AI is now being deployed much more deeply across research, medicine and the physical sciences than before.
“For the first time, you’re starting to see AI being deployed deeply in research, medical science, the physical sciences and the real world. There’s a lot more to come,” he said.
AI spending must eventually deliver returns
Dimon also addressed growing concerns that companies may be overspending on AI without clear returns on investment.
He said businesses are still in the early stages of understanding AI economics and will eventually become more disciplined in evaluating costs.
“I think we’re at a very early stage. Obviously, a lot of CEOs are talking about what the return on AI is,” he said.
At the same time, he noted that some AI investments may simply become essential for staying competitive, even if they cannot be justified through traditional financial metrics.
“Sometimes you’re doing something simply because it’s table stakes. You want to do a better job for your customer, and you can’t always measure that through an NPV,” Dimon said.
He added that companies will continue negotiating with AI vendors just as they do with any other suppliers to ensure they receive value for money.
Data protection remains a priority
Responding to concerns over whether large AI companies could use customer data to improve their own models, Dimon said JPMorgan is taking a cautious approach.
“We are very protective of our data and our IP,” he said. “You should assume that JPMorgan will do everything it can to protect its own data, its own IP and our customers.”
He also expects AI providers to balance pricing with customer expectations as enterprises increasingly scrutinise the value they receive from AI services.
AI is driving investment, but isn’t the whole story
Asked whether AI is the primary force behind the resilience of the US economy, Dimon said it is an important contributor but not the only one.
He noted that while AI-related capital expenditure is substantial, broader American innovation spans sectors including manufacturing, agriculture and medicine.
“The American economy is hugely complex,” he said. “American innovation is everywhere.”
