By Mudit Dube

Copyright newsbytesapp

Jamie Dimon, CEO of JPMorgan Chase, the world’s largest bank by assets, has said that artificial intelligence (AI) will go through a boom and bust cycle. AI is real, he told CNBC-TV18 in an interview on Monday. The banker said that people are pouring billions to diversify into this segment. He added that companies are undergoing restructuring and have been spending billions to adapt AI in various forms. JPMorgan is also investing heavily in AI, with Dimon revealing that the bank has 2,000 employees and 500 use cases dedicated to this technology. He said, With more people putting a lot of money behind it, the costs will eventually come down. However, he also warned that not all companies would survive this boom-bust cycle. Dimon expects AI to evolve over time as people will use it for a million different things. He said his mind is more than using it. However, he also cautioned that parts of this evolution could be in a bubble. He compared this to past investment booms where companies went bankrupt when cars, televisions, and the internet became popular. As of August, Big Tech companies have already spent or committed to spending a total of $155 billion on AI. This is more than what the US government has spent on education, training, employment and social services in the fiscal year so far. Dimon also revealed that JPMorgan is using large language models and small language models for its AI needs.