There's a Jamie Dimon issue with the AI trade: Morning Brief

                                              

Few people in the investing industry could respond more succinctly than Jamie Dimon, CEO of JPMorgan (JPM), on Monday when asked how significant artificial intelligence (AI) will be for their company.

"While we do not know the full effect or the precise rate at which AI will change our business — or how it will affect society at large — we are completely convinced the consequences will be extraordinary and possibly as transformational as some of the major technological inventions of the past several hundred years," Dimon wrote in his shareholder letter for the year. "Think the printing press, the steam engine, electricity, computing and the Internet, among others."

Some analysts claim that artificial intelligence initiated the "Fourth Industrial Revolution." More accurately, the same idea is conveyed by Dimon's comparisons.This is wonderful news for JPMorgan.

 

The largest bank in the country has been able to manage its extensive network of clients and business lines thanks to the advantages of this technology. We can be certain that the company is not alone because of how intertwined the global financial system is.

However, the AI trade that sent investors reeling in the early months of 2023 was not a sudden understanding that large corporations were, or would soon be, deploying AI technologies widely.

Instead, as Yahoo Finance's Dan Howley contended last year, the introduction of OpenAI's ChatGPT gave consumers a concrete representation of the abstraction of enterprise-level data management technology.

AI was no longer "merely" assisting developers or engineers in sifting through hundreds of commands or thousands of lines of code to find the error, inefficiency, or problem.

We could now ask an interface to compose a song about, say, a business journalist attempting to write a newsletter about AI on deadline and Jamie Dimon's thoughts on the matter.