Jamie Dimon Is Wrong. AI Won’t Deliver A 3.5 Day Work Week.
J.P. Morgan (JPM) CEO Jamie Dimon is incorrect when he says that AI will deliver a 3.5 day work week for the next generation.
Will artificial intelligence dramatically improve productivity over the next decade and more? Sure. AI will dramatically increase productivity across industries. We have already seen it:
Mobile phone apps from Apple and Google heavily leverage AI.
Recommendation engines from Netflix, Prime Video, wine pairing apps, diet apps and the like all leverage AI.
Weather apps leverage AI.
AI is used for pattern recognition within the insurance industry, the healthcare industry, the retail industry, financial services, cybersecurity, military and defense and more.
AI is used for image recognition across various industries including military and defense, insurance, law enforcement and more.
Hundreds of thousands of applications are built on top of AWS, Azure and GCP, all three of which are heavily imbued with AI.
Of course I am using “AI” in the broad sense. Depending upon the offering in question AI may mean machine learning (ML), deep learning, natural language processing (NLP), robotic process automation (RPA), neural networks, Generative AI (GenAI), computer vision and more. These advanced automation technologies will first automate discrete tasks and larger workflows (they do so now), before they result in a 3.5 day work week for all. The likely scenario is that as productivity gains are realized, workers will be reallocated to more value-added tasks. That does not sound as sexy as a 3.5 day work week.