J.P. Morgan CEO Jamie Dimon said that the spending boom in the field of artificial intelligence shows little sign of slowing down, and total investment in the hyperscale cloud service provider ecosystem may reach 1 trillion US dollars next year. Spending within this ecosystem has more than doubled from around $300 billion last year to around $700 billion this year. Dimon pointed out that while boosting economic growth, this surge may also increase inflationary pressure. “This is equivalent to driving GDP growth by 1% each year,” and these expenses “may drive up inflation to a certain extent” as companies recruit employees, build plants and power plants, and procure equipment and materials. However, Dimon said artificial intelligence could have a deflationary effect in the long run; he called it an “incredible technology” and pointed out that its rapid expansion “appears to continue.”

J.P. Morgan CEO Jamie Dimon said that the spending boom in the field of artificial intelligence shows little sign of slowing down, and total investment in the hyperscale cloud service provider ecosystem may reach 1 trillion US dollars next year. Spending within this ecosystem has more than doubled from around $300 billion last year to around $700 billion this year. Dimon pointed out that while boosting economic growth, this surge may also increase inflationary pressure. “This is equivalent to driving GDP growth by 1% each year,” and these expenses “may drive up inflation to a certain extent” as companies recruit employees, build plants and power plants, and procure equipment and materials. However, Dimon said artificial intelligence could have a deflationary effect in the long run; he called it an “incredible technology” and pointed out that its rapid expansion “appears to continue.”