Stories
JPMorgan CEO Jamie Dimon: AI Capex Could Hit $1 Trillion Next Year, Beyond ROI
C
CNBC TV18•22-09-2026, 07:10
JPMorgan CEO Jamie Dimon: AI Capex Could Hit $1 Trillion Next Year, Beyond ROI
- •JPMorgan Chase CEO Jamie Dimon predicts AI capital expenditure could reach $1 trillion next year, up from $700 billion this year.
- •Dimon emphasizes that AI adoption is becoming "table stakes" for businesses, meaning investment is crucial even if immediate ROI is hard to quantify.
- •He highlights that AI spending is a macroeconomic factor, potentially contributing to near-term inflation due to increased demand for labor, infrastructure, and materials like copper.
- •Dimon suggests these factors could lead to interest rates staying higher for longer, though AI may eventually have a deflationary impact through productivity gains.
- •He cautions against assuming a small group of AI winners, expecting new LLM providers and chip technologies to emerge in the next 5-10 years.
Key Questions Answered
JPMorgan Chase CEO Jamie Dimon stated that spending across the hyperscaler ecosystem could surge from about $700 billion this year to reach $1 trillion next year, up from around $300 billion last year.
Dimon explained that companies cannot look at artificial intelligence purely through a conventional return on investment lens because adopting the technology can become necessary as 'table stakes' to improve customer experience.
Dimon noted that massive AI spending adds to capital demand through worker hiring, factory construction, equipment purchases, and power infrastructure expansion, which could contribute to near-term inflation and keep interest rates higher for longer.
