Catenaa, Tuesday, September 22, 2026- JPMorgan Chase CEO Jamie Dimon said that spending on AI infrastructure could rise from $700 billion in 2026 to $1 trillion in 2027.
According to CNBC, Dimon said AI spending, which was about $300 billion last year, could reach $700 billion in 2026.
He said that the increase in AI spending is meaningful driver of economic growth. “That’s like a 1% increase to GDP each year,” he told CNBC, while noting the spending “may add a little bit to inflation” as companies build out factories, power plants, and workforces to support the buildout.
Over the longer term, however, Dimon told CNBC that AI could have a deflationary effect, calling it an “unbelievable technology” whose rapid expansion “looks like it’s going to continue.”
However, he told CNBC that it was too early to pick winners from the AI boom, pointing to the internet bubble, claiming that many popular names failed to survive while previously little-known companies emerged as major winners, as an example of how the AI industry could evolve.
Asked about returns on AI spending, Dimon said investments would not always come down to a straightforward calculation of returns, saying that “sometimes it’s just table stakes.”
According to CNBC, he pointed to improvements in customer experience as one benefit that can be difficult to quantify, and said companies could become more efficient in how they deploy AI over time.
Moreover, Dimon told CNBC that there is heavy demand for capital from infrastructure, remilitarization and ongoing government deficits may be pushing interest rates higher.
“He also said there “may be a market correction” but that he was not sure AI would be the cause,” the CNBC report said.
According to Quartz, Dimon has grown increasingly vocal on AI in recent months. He compared broad public access to Anthropic’s Mythos AI model to distributing ballistic missiles to individuals, warning about the model’s ability to identify software vulnerabilities.
JPMorgan is among a select group of organizations that gained access to Mythos and has been using it to stress-test internal systems, Quartz said.
On geopolitics, Dimon said the US and China appeared to be making progress ahead of a summit between President Donald Trump and Chinese President Xi Jinping, and said the two sides should “fully engage” on trade, AI, and security.
He also called on India and the US to complete a bilateral trade agreement, saying the process “obviously hasn’t moved forward.”
