JPMorgan Chase CEO and chairman Jamie Dimon believes artificial intelligence innovations will have as big of an impact on society as the invention of electricity and the internet.
"We are completely convinced the consequences will be extraordinary and possibly as transformational as some of the major technological inventions of the past several hundred years," Dimon said in his April 8 annual letter to shareholders. "Think the printing press, the steam engine, electricity, computing and the Internet, among others."
JPMorgan Chase began using AI over a decade ago, Dimon said in the letter. The firm employs over 2,000 AI and machine learning experts and data scientists and uses the technology across a number of divisions, including marketing, fraud and risk. Additionally, JPMorgan Chase invests $12 billion annually in a wide variety of technologies, including AI.
Dimon likening AI innovation to the invention of the internet suggests the tech's impact may be felt beyond the business world. And he's not alone in that opinion.
In May 2023, billionaire investor Mark Cuban told CNBC Make It that the potential impact of tools like OpenAI's viral AI-powered chatbot ChatGPT are "beyond anything I've ever seen."
In a Nov. 9 blog post, Microsoft co-founder Bill Gates said AI "will utterly change how we live our lives, online and off."
How to invest in AI
If you're interested in investing in AI, there are a number of places you can start.
One option is to research companies that are developing AI technology and purchase stock shares of those companies directly through your broker.
However, stock picking can be a risky strategy, and financial experts tend to advise against it. Instead, experts often recommend a more passive approach, such as investing in exchange-traded funds. This investing strategy helps diversify your portfolio by spreading your investment across an array of companies, instead of just one.
If you're interested in AI in particular, you can gain exposure through a thematic exchange-traded fund.
This type of ETF is centered around a specific theme, such as AI or robotics, and allows you to invest in a variety of companies working within that space. There are generally two types of thematic AI ETFs: those that use AI to choose stocks to invest in and those that invest in AI and tech companies directly.
Some AI-themed ETFs focus on investing in generative AI specifically, while others invest in companies that develop AI technology's underlying infrastructure. The type of fund you choose will depend on what kind of exposure to the AI realm you're trying to gain.
But before investing anywhere, be sure to review any fund's investment strategy and associated fees.
Want to make extra money outside of your day job? Sign up for CNBC's new online course How to Earn Passive Income Online to learn about common passive income streams, tips to get started and real-life success stories. Register today and save 50% with discount code EARLYBIRD.
Plus, sign up for CNBC Make It's newsletter to get tips and tricks for success at work, with money and in life.
