JPMorgan Chase is planning to invest $1 billion or more annually in artificial intelligence (AI), according to President and Chief Operating Officer Daniel Pinto. Pinto believes that AI will greatly enhance productivity while emphasizing responsible use. The company has been hiring specialists in AI and machine learning, utilizing AI for tasks like fraud detection, customer service improvement, and enhanced decision-making processes.

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On the economic front, Pinto states that the U.S. economy is performing better than expected, with positive growth projected until at least 2025. The labor market remains strong, although there might be a possibility of a soft landing or a later-cycle recession. JPMorgan aims to leverage AI and data analytics for efficiency gains, highlighting its cautious approach to maintain responsible and safe AI implementation.

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