Jamie Dimon, Chairman and Chief Executive Officer of JPMorgan Chase & Co., attends the ribbon-cutting ceremony opening the firm\u2019s new headquarters at 270 Park Avenue, in New York City, U.S., October 21, 2025. <\/p>\n
Eduardo Munoz | Reuters<\/p>\n
The artificial intelligence spending boom is showing little sign of slowing, with investment across the hyperscaler ecosystem potentially reaching $1 trillion next year, according to JPMorgan Chase<\/a> CEO Jamie Dimon<\/a>.\u00a0<\/p>\n Spending across the hyperscaler ecosystem has more than doubled from about $300 billion last year to around $700 billion this year, a surge Dimon said is boosting economic growth while potentially adding to inflation.\u00a0<\/p>\n “That’s like 1% increase to GDP each year,” Dimon told CNBC-TV18 on the sidelines of the 11th annual JPMorgan India Conference, adding that the spending “may add a little bit to inflation” as companies hire workers, build factories and power plants, and buy equipment and materials.<\/p>\n Over the longer term, however, Dimon said AI could have a deflationary effect, calling it an “unbelievable technology” whose rapid expansion “looks like it’s going to continue.”\u00a0<\/p>\n Still, he said it was too early to pick winners from the AI boom, pointing to the internet bubble, where many familiar names failed while previously little-known companies emerged as major winners, as an example of how the AI industry could evolve.<\/p>\n 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.”<\/p>\n 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.<\/p>\n Beyond AI, Dimon said 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.<\/p>\n