Way back in 2016, the World Economic Forum made eight predictions for the world in 2030.
Chief among them, and quickly latched onto by conspiratorialists and anti-globalists, was the prediction that “you’ll own nothing, and you’ll be happy”.
JPMorgan Chase & Co chief Jamie Dimon’s prediction of a future powered by artificial intelligence (AI) is considerably less dystopian than that, going by comments made to Bloomberg on Monday.
Dimon contended that AI is a “living breathing thing” and will “of course” replace some jobs.
Though that indeed sounds pretty dystopian, he said that “people have to take a deep breath… Technology has always replaced jobs”.
Dimon reckons people will probably be working 3.5 days a week because of AI.
Furthermore, he believes “your children are going to live to 100 and not have cancer because of technology”.
AI is “critical to our company’s future success”, said Dimon, who explained that JPMorgan is already deep into the implementation process.
As an example, AI is already doing all of the equity hedging for JPMorgan “for the most part”.
Perhaps that’s the key to fending off the AI uprising: Keep it busy with spreadsheets and discounted cash flow models.