Dimon says AI spending could reach $1 trillion next year

JPMorgan Chase CEO Jamie Dimon said spending on artificial intelligence across hyperscaler companies could reach $1 trillion next year, up from about $700 billion this year. He said the buildout is supporting economic growth, but it may also add some pressure to inflation in the near term. Speaking at JPMorgan’s India conference, Dimon said AI remains a powerful technology and that its rapid expansion is likely to continue. He also warned that it is too early to identify clear longterm winners from the boom, noting that past technology cycles produced both major successes and failures. Dimon said he remains cautious on inflation and expects the Federal Reserve to keep its 2% target in focus. He also urged the U.S. and China to fully engage on trade, AI and security ahead of the TrumpXi summit, and called for progress on a trade deal between India and the U.S.