Jamie Dimon Predicts AI Will Lead To 3.5-Day Work Week, Cure Cancer And More

There are upsides and downsides to the advancement of artificial intelligence (AI), but JP Morgan Chase & Co JPM CEO Jamie Dimon argues that the good easily outweighs the bad. 

What To Know: In a recent interview with Bloomberg, Dimon acknowledged that AI is going to replace some jobs, but he suggested that such pales in comparison to the good it will bring to the world.

"People have to take a deep breath, OK. Technology has always replaced jobs. Your children are going to live to 100 and not have cancer because of technology. And literally, they’ll probably be working three-and-a-half days a week," Dimon said. 

The biggest downside of AI is the potential for it to be used by bad people who want to do bad things, he said. The upsides though, are limitless.

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AI can be used to develop new products, improve productivity and drive customer engagement, among other things. Dimon previously called AI "critical" to JPMorgan's future success. The company is currently in the process of hiring for thousands of AI-related positions. 

"The way to think about it for us is every single process, so errors, trading, hedging, research, every app, every database, you can be applying AI. So it might be as a copilot, it might be to replace humans — AI is doing all the equity hedging for us for the most part," the JPMorgan CEO said.

"It's a little bit of everything."

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Photo: Fortune Live Media from Flickr.