Jamie Dimon blesses the trillion-dollar AI capex boom
· Axios
JPMorgan Chase CEO Jamie Dimon stood next to Anthropic CEO Dario Amodei in New York on Tuesday and told Wall Street the AI buildout is worth every dollar.
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Why it matters: With investors increasingly anxious about whether AI revenue can keep pace with spending, the head of the world's largest bank endorsed a capital expenditure wave projected to top $1 trillion next year.
- The latest Big Tech earnings reports last week made clear that the massive buildout is propping up not only the stock market, but U.S. economic growth writ large.
- "The technology is so powerful, it's worth the trillion-dollar investment," Dimon said at an Anthropic event unveiling new partnerships and AI agents tailored to financial services.
Zoom in: Dimon and Amodei also addressed Mythos, Anthropic's powerful new model whose cyber capabilities prompted Treasury Secretary Scott Bessent and Federal Reserve Chair Jerome Powell to convene an emergency meeting with major bank CEOs last month.
- Dimon, who was invited but unable to attend that meeting, said the banks have since gotten together to "triage the issues" — and argued protections should extend to all banks, not just the largest.
- "The government can't do all that," he said.
- Amodei said he had a great conversation with Bessent and pushed back on the suggestion that Mythos's limited release was driven by compute constraints, calling that a "misconception."