Tsunamis aren’t known for leaving things better off in their wake but, according to JPMorganChase chairman Jamie Dimon, the massive, growing AI wave could be an exception.
In a recent interview with The Economic Club of Chicago, Dimon explained that AI “is really fast. This is doing stuff today that no one would have imagined was possible literally five weeks ago.”
He then called the tech “more like a tsunami. It’s rolling through the system and you can’t stop some of it.”
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While Dimon acknowledged that both good and bad come with that, he predicted AI could help in finding cures for diseases like cancer, or sourcing better car engine materials that could see accidents “cut by 80%.”
Of course, with so many terminal threats eradicated, humans will have a lot more extra time on our hands — and, if Dimon’s prediction is correct, more money too.
“I think a generation, 30 years from now, they’ll probably be working four or three-and-a-half days a week,” he added. “They’ll have an income, per person, of $300,000. It’ll be a great life.”
The tsunami won’t just bring free time and small fortunes
Of course, Dimon isn’t the only billionaire to predict that AI will free regular folk from the shackles of labor.
Elon Musk claimed that AI will, “in a benign scenario,” mean that, in lieu of a job, we’ll enjoy “universal high income” with “no shortage of goods or services” — a scenario he said is “probably, I don’t know, 80% likely.” Musk has since upped the ante, suggesting that AI robotics advancements mean that “if you want a castle, robots will build you a castle.”
OpenAI co-founder Sam Altman, also predicted disease cures and “universal extreme wealth” for all thanks to artificial intelligence, while Zoom CEO Eric Yuan says that AI will lead to “every company” supporting “three days, four days a week” of work from humans.
There is debate, however, over whether a universal basic income (UBI) would actually work. And Dimon has acknowledged previously that if AI sweeps in too fast, massive job losses could occur — a real concern considering tsunamis aren’t known for taking things slow.
That said, Dimon did, in his most recent interview, note the potential downsides of AI, discussing cyber attacks and AI agent infiltration and the different industries that could be at risk.
His concerns echoed those raised in a Senate subcommittee hearing in early October, where AI watchdogs and researchers discussed attacks like the autonomous AI agents that hacked Hugging Face, with one warning that “when we make those agents more intelligent, unintended goals can have dramatic real-world consequences.”
And in September, Anthropic CEO Dario Amodei wrote that, within a year, a “swarm of agents” could “be capable of taking over the entire internet with a persistent botnet (potentially causing hundreds of billions of dollars in damage)” while Altman and Musk joined the chorus of AI company heads, that includes Amodei, in agreeing that development of the tech needs to slow down to allow for guardrails to be put in place.
Dimon seemingly agreed, telling the Economic Club of Chicago that industries and governments must work together to “fix the problems” and stay on top of the risks.
“You can’t stop it,” he added. “You just have to manage the hell out of it.”
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Mike Crisolago is a Sr. Staff Reporter at Moneywise with nearly 20 years of experience working as a journalist, editor, content strategist and podcast host. He specializes in personal finance writing related to the 50-plus demographic and retirement, as well as politics and lifestyle content.
