Jamie Dimon, the chief executive of JPMorgan Chase, has delivered a stark warning at the World Economic Forum in Davos, Switzerland, suggesting that the rapid rollout of artificial intelligence may need to be deliberately slowed to "save society" and prevent potential civil unrest. Speaking to an audience at the prestigious global gathering, Dimon emphasised that while AI promises immense benefits—from boosting productivity to curing diseases—its implementation must be carefully managed to support displaced workers.
A Call for Collaborative Action on AI Transition
Dimon argued that both governments and businesses cannot afford to ignore the transformative impact of AI or "put your head in the sand." He highlighted that JPMorgan itself will likely employ fewer people within five years as it integrates AI technologies. "Your competitors are going to use it and countries are going to use it," he stated, underscoring the competitive pressure driving adoption.
However, the banking titan cautioned that the pace of change could outstrip society's ability to adapt. "It may go too fast for society and if it goes too fast for society that's where governments and businesses [need to] in a collaborative way step in together and come up with a way to retrain people and move it over time," Dimon explained. He proposed that local governments might need to deploy assistance programmes offering wage support, retraining, relocation services, and early retirement options.
The Truck Driver Example: A Case for Phased Implementation
To illustrate his point, Dimon cited the example of the two million commercial lorry drivers in the United States, whose jobs could be threatened by the advent of driverless trucks. "Should you do it all at once if two million people go from driving a truck and making $150,000 a year to a next job [that] might be $25,000? No. You will have civil unrest," he warned. "So phase it in. If we have to do that to save society ... Society will have more production, we are going to cure a lot of cancers, you're not going to slow it down. How do you have plans in place if it does something terrible?"
Dimon's Views on Trump's Policies and Immigration
Speaking before Donald Trump addressed the forum, Dimon offered a measured critique of the US president's increasingly confrontational stance towards Europe and NATO, as well as his demands regarding Greenland. "If the goal is to make them stronger rather than fragment Europe, I think that's OK," Dimon remarked. He advocated for using "moral persuasion, our economic persuasion, our intelligence and military to push Europe to do the things that's right for Europe. The leadership of Europe has to do it, it really can't be done by America."
Dimon also expressed concerns about Trump's immigration crackdown, calling for a calming of the "internal anger" surrounding the issue. He referenced disturbing scenes of violence involving Immigration and Customs Enforcement officers, stating, "I don't like what I'm seeing with five grown men beating up little women." While acknowledging the need to round up criminals, Dimon stressed the importance of transparency regarding who is detained and whether laws have been broken.
Highlighting the economic contributions of migrants, Dimon noted their vital roles in healthcare, hospitality, and agriculture. "We all know them. They are good people and they should be treated that way," he asserted.
Nvidia's Jensen Huang: AI as a Job Creation Engine
In contrast to Dimon's cautionary tone, Jensen Huang, the chief executive of semiconductor giant Nvidia—whose chips power many AI systems—presented a more optimistic vision at Davos. Huang argued that the primary threat is not mass layoffs but labour shortages, as AI drives unprecedented infrastructure development.
Downplaying fears of AI-induced job losses, Huang told the forum, "energy's creating jobs, the chips industry is creating jobs, the infrastructure layer is creating jobs ... jobs, jobs, jobs." He described the current buildout as "the largest infrastructure buildout in human history," which is set to generate a multitude of employment opportunities.
Many of these new roles, Huang explained, relate to tradecraft, including:
- Plumbers and electricians
- Construction and steelworkers
- Network technicians
- Equipment installers for AI rollout
This demand is already pushing up salaries in the United States for those involved in constructing chip factories or AI data centres, he added.
Europe's "Once-in-a-Generation" Opportunity
Huang also positioned AI robotics as a "once-in-a-generation" opportunity for Europe, leveraging the region's "incredibly strong" industrial manufacturing base. "This is your opportunity to now leap past the era of software," he argued, referencing Silicon Valley's historical dominance in that sector.
The divergent perspectives from Dimon and Huang at the World Economic Forum highlight the complex debate surrounding AI's societal impact. While Dimon urges a measured, phased approach with robust safety nets to avert social disruption, Huang envisions a wave of job creation driven by massive infrastructure projects. As AI continues to evolve, the balance between these viewpoints will likely shape policy and corporate strategies worldwide.
