{"text":[[{"start":12.2,"text":"Jamie Dimon believes the $1tn investment in data centres “will make sense” in the long haul because of the power of AI technology, underscoring Wall Street’s appetite to fund an unprecedented level of spending on tech infrastructure."}],[{"start":26.7,"text":"JPMorgan Chase’s chief executive said the spending would also include vast sums for things such as chips, wires and hardware but that “technology tends to pay for itself, just not in a straight line”."}],[{"start":38.5,"text":"“The way I look at it is that in total it will make sense. If you want to try to pick the winners and losers, you will have a hard time,” Dimon said on Tuesday at an event in New York alongside Anthropic’s CEO Dario Amodei."}],[{"start":52.95,"text":"“So there will be losers in that, there will be winners, or people saying I told you so, and stuff like that. But the technology itself is so powerful, it’s worth $1tn of investment.”"}],[{"start":64.55,"text":"Dimon’s comments come as banks are hunting for ways to offload risks tied to a glut of data centre debt as the race to build AI infrastructure stretches financing limits among the largest global lenders."}],[{"start":77.6,"text":"His optimistic stance towards demand for AI technology was echoed in separate comments by BlackRock CEO Larry Fink, who said there was “not an AI bubble”."}],[{"start":87.8,"text":"“There is the opposite. We have supply shortages; demand is growing much faster than anyone has anticipated,” Fink said on Tuesday at the annual Milken Institute conference in Beverly Hills."}],[{"start":98.89999999999999,"text":"“We have not begun exploring the opportunities of AI around the world. [There is a] huge geopolitical question as to who gets that technology,” he said."}],[{"start":108.6,"text":"JPMorgan is one of several companies granted early access to Anthropic’s Mythos model, which sent shockwaves in the corporate world because of its efficiency at exposing vulnerabilities and cyber risk."}],[{"start":121.5,"text":"Amodei said companies should aim to patch some of the gaps exposed by the model in the next six to 12 months, before Chinese large language models are able to catch up with Mythos’s capabilities."}],[{"start":133.35,"text":"“If we handle this right, we could be in a better position than when we started because we fixed all these bugs,” Amodei said, adding companies would be able to rewrite more secure code thanks to the new models."}],[{"start":146.15,"text":"Dimon said large US banks had formed working teams to triage crucial gaps exposed by Mythos. This, he added, would be something that all industries would need to do as the speed required to fix issues had increased enormously."}],[{"start":160.35,"text":"“In the old days, you put out a patch. People had a week or two to fix it,” Dimon said. “And now you say it’s got to be, like, minutes.”"}],[{"start":168.45,"text":"Fink flagged that the AI boom would result in every industry witnessing a “K [shaped] economy”, the term used to refer to a divergence in business fortunes."}],[{"start":177.89999999999998,"text":"“You’re going to have one or two or three winners . . . in each industry, and many smaller firms are going to be forced to merge or do something.”"}],[{"start":193.99999999999997,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1778029125_1691.mp3"}