Jamie Dimon, CEO and Chairman of JPMorgan Chase, believes that AI innovations will have as great an impact on society as the invention of electricity and the Internet.
“We are absolutely convinced that the consequences will be as extraordinary and perhaps as transformative as some of the major technological inventions of the past hundreds of years,” Dimon said in his report. April 8 Annual Message For shareholders. “Think of the printing press, the steam engine, electricity, computing, the Internet, etc.”
Dimon said in the letter that JPMorgan Chase began using artificial intelligence more than a decade ago. The company employs more than 2,000 AI, machine learning and data scientists and uses the technology across a number of departments, including marketing, fraud and risk. In addition, JPMorgan Chase invests 12 billion dollars annually In a wide range of technologies, including artificial intelligence.
Damon's likening of AI innovation to the invention of the Internet suggests that the technology's impact may be felt beyond the business world. He is not alone in this opinion.
In May 2023, billionaire investor Mark Cuban told CNBC Make It that the potential impact of tools like OpenAI's viral AI-powered chatbot is “beyond anything I've ever seen.”
In November. In a blog post on September 9, Microsoft co-founder Bill Gates said that artificial intelligence “will completely change the way we live our lives, both online and off.”
If you're interested in investing in AI, there are a number of places you can start.
One option is to research companies that are developing artificial intelligence technology and buy shares of those companies directly through your broker.
However, stock picking can be a risky strategy, and financial experts tend to advise against it. Instead, experts often recommend a more passive approach, such as investing in exchange-traded funds. This investment strategy helps diversify your investment portfolio by spreading your investments across a group of companies, rather than just one company.
If you're interested in artificial intelligence in particular, you can gain exposure through a thematic exchange-traded fund.
This type of ETF is centered around a specific topic, such as artificial intelligence or robotics, and allows you to invest in a variety of companies operating in that field. There are generally two types of AI-related ETFs: those that use AI to pick stocks to invest in and those that invest in AI and technology companies directly.
Some AI-themed ETFs focus on investing in generative AI specifically, while others invest in companies developing the underlying infrastructure for AI technology. The type of fund you choose depends on the type of exposure to the world of AI you are trying to gain.
But before investing anywhere, be sure to review any fund's investment strategy and the fees associated with it.
Do you want to make extra money outside of your day job? Enroll in CNBC's new online course How to earn passive income online Learn about common passive income sources, tips for getting started, and real-life success stories. Register today and save 50% using discount code EARLYBIRD.
Plus, Sign up for the CNBC Make It newsletter For tips and tricks for success in business, money and life.
“Explorer. Unapologetic entrepreneur. Alcohol fanatic. Certified writer. Wannabe tv evangelist. Twitter fanatic. Student. Web scholar. Travel buff.”
More Stories
The US labor market remains tight; Productivity stumbles in the first quarter
Microsoft opens data center in Thailand amid Southeast Asia expansion
Carvana (CVNA) Q1 2024 earnings