AI is not just a hype but real; may invent cure for cancer, says JPMorgan CEO

AI will find its usage "in almost every job", says Jamie Dimon, JPMorgan Chase CEO

The rapidly advancing technology of artificial intelligence is not just a hype "but real", and can be useful to the extent of finding cures for fatal diseases such as cancer, said Jamie Dimon, the Chief Executive Officer of JPMorgan Chase, while speaking to CNBC.

“It may invent cancer cures because it can do things that the human mind simply cannot do,” Dimon said on February 26.

The business magnate drew parallels between the emergence of AI and the invention of internet but added that artificial intelligence will have a much larger impact.

“This is not hype. This is real. When we had the internet bubble the first time around … that was hype. This is not hype. It’s real,” he said.

"People are deploying it at different speeds, but it will handle a tremendous amount of stuff," the JPMorgan Chase CEO said.

'Big optimist'

While AI comes with its fair share of risks, the merits that the technology has to offer outweigh its cons, suggested Dimon. Last year, the JP Morgan Chase chief approved the creation of a new position of chief data and analytics offer at JPMorgan in a bid to leverage the benefits of AI.

AI could be misused by bad actors, Dimon agreed but added that he is a "big optimist" as the technology can offer path-breaking solutions in the fields of pharmaceutical research and cybersecurity.

AI will find its usage "in almost every job", Dimon said during the interview with the news channel, while also mentioning that around 200 people at JPMorgan are involved in the research on the large language models recently unveiled by the major technology firms.