JPMorgan's Dimon Weighs In on AI: 'Embrace It'

Watch JPMorgan's Dimon Weighs In on AI: 'Embrace It' - Bloomberg on Dailymotion

Transcript

00:00It's going to be unbelievable. It's going to cure a lot of diseases that we've all been afflicted with.

00:05You know, my guess is the developed world will be working three and a half days a week in 20, 30, 40 years and have wonderful lives.

00:11And there are some dangerous parts, which I'll let Eric describe a little bit here.

00:16But I would say embrace it. You know, technology has downsides. It's used by bad people. But embrace it.

00:23We had 40 million people working on farms, tractors and fertilizers. It's now like one and a half million.

00:30We live better lives. We have better food. Those people want to do other things, you know.

00:35And so it'll be OK. We've been using it now for 13 years. We have, you know, we spend a lot of money on it.

00:41We have we know exactly what it does in certain things. It's literally at the beginning.

00:45There's whatever you think there are waves of this coming down the road.

00:48And the only thing I'd add to that is if it happens too fast for society to adjust, you know, and I will give you a thought exercise.

00:57I think there are two million commercial truckers in the United States.

01:00And somehow you can push a button, convert it to AI. You know, it's cheaper, faster, safer, less CO2.

01:08You kind of want to do it, but you shouldn't do it if you can put two million people out of jobs.

01:12And the way to handle that is retraining, income assistance, slow it down, early retirement, relocation programs.

01:21And it's all doable. And that would have to take both government and business doing that together.

01:27And so we should be we should be preparing for that today because AI is happening rather quickly.

01:32We do it ourselves. You know, we are constantly changing jobs and we've reduced jobs in certain categories for AI.

01:39Almost all the people get redeployed. They go do other jobs. They're very smart, capable people.

01:45You know, and I agree with Eric, too. Human capital. You can't replace human capital.

01:51You can't replace thinking. You know, all these things that people think are going to happen won't happen exactly the way you expect.