JPMorgan Chase CEO Jamie Dimon stated that artificial intelligence is developing at such a rapid pace that even governments find it difficult to stop its spread.
On Wednesday, while delivering a speech at the Chicago Economic Club, Damon compared AI to the Industrial Revolution, stating that its advancement is much faster than that of early technologies, with new capabilities often emerging in just a few weeks.
"Many of the things this technology can do today were considered impossible just five weeks ago," said Damon.
“It’s more like a tsunami. It’s sweeping through the entire system, and there’s nothing you can do to stop a part of it,” he added.
Damon stated that as the number of AI models continues to increase globally, including those developed in open-source systems as well as in China and other countries, governments cannot simply prevent the spread of this technology.
This acceleration trend occurs amidst an unprecedented AI spending boom. Google, Amazon, Microsoft, and Meta plan to invest over $700 billion in capital expenditures this year, with a large portion of that going towards AI infrastructure.
Damon himself is also optimistic about the potential returns of AI. He says that AI could bring breakthroughs in healthcare, transportation, and productivity, changing the way future generations live and work.
"In 30 years, they might work four days a week, or even three and a half days a week. Per capita income could reach $300,000. That would be a wonderful life," he said.
However, Damon also warned that AI proxies may launch cyberattacks around the clock, or pose security risks when granted access to bank accounts used to make payments on behalf of users.
“This means that they have access to your bank accounts, and you assume that they will act in your best interests, but they may not do so,” said Damon.
He stated that businesses and governments need to act swiftly to address the cybersecurity risks posed by AI.
"You can't stop it. You can only manage it as tightly as possible."
Damon's statement came in the same week, and several bank executives also issued warnings about the out-of-control AI agents, stating that if allowed to spread unchecked, it could lead to chaos.
Brian Moynihan, CEO of Bank of America, also told analysts during the earnings call on Wednesday that the bank has hired 1,000 external consultants to fix software vulnerabilities exposed by top-tier models. The models mentioned by Moynihan include Mythos among others.
