JPMorgan Chase CEO Jamie Dimon said Monday that investment across the artificial intelligence infrastructure ecosystem could reach $1 trillion next year, up from around $700 billion this year.
Speaking to CNBC-TV18 on the sidelines of the 11th annual JPMorgan India Conference, Dimon said hyperscaler spending has more than doubled from roughly $300 billion last year, a surge he described as a meaningful driver of economic growth. "That's like 1% increase to GDP each year," he said, while noting the spending "may add a little bit to inflation" as companies build out factories, power plants, and workforces to support the buildout.
Looking further out, Dimon struck a more optimistic tone on prices, calling AI an "unbelievable technology" whose expansion "looks like it's going to continue."
Despite the scale of investment, Dimon said it was too early to identify which companies would emerge as the dominant winners. He invoked the internet bubble to illustrate his uncertainty, recalling how that era's household names often collapsed while companies few had heard of became industry giants. Asked directly about returns on AI investment, Dimon said the calculus was not always straightforward, arguing that "sometimes it's just table stakes." He cited improvements in customer experience as one benefit that resists easy quantification.
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.
Turning to the broader economy, Dimon said simultaneous capital demands from infrastructure projects, defense spending, and persistent government deficits were driving interest rates upward. He also said there "may be a market correction," though he was not certain AI spending would be the trigger. On inflation, Dimon said he was hopeful that price pressures would cool but warned "there's a chance it won't, and it may even go up a little bit," and said the Federal Reserve should defend its 2% inflation target.
On geopolitics, Dimon said the U.S. 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 U.S. to complete a bilateral trade agreement, saying the process "obviously hasn't moved forward."
