According to U.Today, JPMorgan CEO Jamie Dimon, despite his previous dismissals of Bitcoin, has expressed his enthusiasm for artificial intelligence (AI). In a recent letter, Dimon likened AI to the steam engine, a significant invention from the Industrial Revolution. He also mentioned other revolutionary technologies such as electricity and the internet, suggesting that AI has the potential to enhance virtually every job.
Dimon is not alone in his belief in the transformative potential of AI. Microsoft co-founder Bill Gates has predicted that the impact of AI could surpass that of personal computers. However, Gates also warned that the technology could exacerbate the wealth gap. Billionaire investor Steve Cohen suggested that AI could lead to a four-day work week becoming the norm.
The excitement surrounding AI has driven U.S. stocks to record highs, leading to concerns about a potential bubble. U.S. chipmaker Nvidia has benefited the most from the recent AI boom, becoming the world's third-largest company with a market cap of $2.196 trillion. Major firms such as JPMorgan, Goldman Sachs, and Morgan Stanley are reportedly seeking new AI-based investments, particularly in emerging markets.
Despite the enthusiasm for AI, Dimon remains a critic of Bitcoin. During a recent congressional hearing, he advocated for a government ban on cryptocurrencies.