Jamie Dimon weighs in on AI, says only ‘God knows’ what the tech will do for humanity
Last Updated on January 14, 2024 by Admin
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JPMorgan Chase CEO Jamie Dimon on the Federal Reserve’s rate trajectory, 2024 economy, looming bank regulations and artificial intelligence.
As artificial intelligence continues to revolutionize the world around us, JPMorgan Chase CEO Jamie Dimon predicts that the technology will have a “tremendous” impact on healthcare and finance.
HOW AI IS REVOLUTIONIZING THE WORLD OF MEDICINE
“It is crucial to have it,” the business leader explained during an appearance on “Mornings with Maria.” “We already have 300 cases against risk fraud, credit marketing, movement of money trading, hedging. It’s real.”
“It’s going to change a tremendous amount of stuff in health care alone. It may come up with new compounds. It could do a better job diagnosing diseases, preventing diseases,” Dimon predicted during an exclusive interview with Maria Bartiromo, Tuesday.
JPMorgan Chase CEO and Chairman Jamie Dimon gestures as he speaks during the U.S. Senate Banking, Housing and Urban Affairs Committee oversight hearing on Wall Street firms, on Capitol Hill in Washington, U.S., December 6, 2023. REUTERS/Evelyn Hockst (Reuters/Evelyn Hockstein / Reuters Photos)
DOCTORS USING AI-DRIVEN DEVICES TO HELP DETECT SEIZURE ACTIVITY IN PATIENTS
Dimon is one of several global business leaders who believe A.I. will make a splash in the world of medicine. At Northwell Health, New York’s largest healthcare system, physicians are using A.I. to help detect pulmonary embolisms and pancreatic cancers, diagnose diseases and enhance colonoscopy screenings.
They’re also using it to better detect seizures through the use of an AI-powered headband made by Ceribell.
JPMorgan Chase CEO Jamie Dimon reveals his latest concerns for the U.S. economy and the anticipated impact of looming bank regulations.
While Dimon expressed his support for A.I., he also warned of the technology’s “potential downsides.”
“God knows what it’s going to do for people. It may have some downsides. It’s very hard to figure out how you should regulate it, but it might eventually have to be some regulations around it,” he explained.
MITIGATING ‘RISK OF EXTINCTION FROM AI’ SHOULD BE GLOBAL PRIORITY, INDUSTRY LEADERS SAY
In May 2023, tech industry leaders, scientists and professors issued a cautionary message about the risks associated with artificial intelligence.
“Mitigating the risk of extinction from A.I. should be a global priority alongside other societal-scale risks such as pandemics and nuclear war,” the statement shared by the Center for A.I. Safety read.
Wells Fargo CEO Charles Scharf, Bank of America CEO Brian Thomas Moynihan, JPMorgan Chase & Co CEO Jamie Dimon, and Citigroup CEO Jane Fraser testify during a Senate Banking, Housing, and Urban Affairs Committee hearing on Capitol Hill Septem (Photo by Drew Angerer/Getty Images / Getty Images)
Despite some experts’ hesitancy towards A.I., Dimon emphasized the financial importance of adapting to new technology.
“We’re not just competing with [Apple, Google, Amazon.] They’re also new technologies you always have to adapt to,” Dimon concluded. “If you’re a legacy coach, it doesn’t mean you’re bad. It just means we’ve deployed huge amounts of technology in the past, which now is being put into new data centers and new databases. To make it accessible to A.I. or to digital stuff like that, the investments are huge.”
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Fox Business’ Sumner Park and Julia Musto contributed to this report.
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