American Express (AXP.US) has stated it is well-positioned to benefit from the adoption of artificial intelligence, following a report that questioned its future prospects. In his annual letter to investors on Wednesday, American Express CEO Steve Squeri wrote that past technological shifts, such as the rise of e-commerce and subsequent mobile payments, have acted as "accelerators" for the credit card company, and the firm is now in a prime position to leverage recent AI-driven changes. "AI advancements are creating a structural shift in how colleagues work and how businesses operate, compete, and create value, and we are embracing this shift," Squeri stated in the letter. "As with previous transformations, certain fundamental principles will endure and, in many cases, become even more important," he added, referring to how American Express will combat fraud, verify identities, and minimize risk. The letter detailed how American Express aims to fully capitalize on this "AI moment." Last month, a report from a little-known firm called Citrini Research sparked market fears about AI-induced job losses and economic disruption, causing sharp declines in the stock prices of American Express and other companies. Citrini's "thought experiment" outlined a scenario of mass white-collar unemployment due to widespread AI adoption, specifically naming American Express. Analysts were quick to point out that these assumptions were exaggerated. From a broader perspective, as consumers and businesses change how they transact, companies like American Express are aggressively working to maintain their status as the preferred payment method. With the rise of AI, most companies have either already partnered with leaders in the field or plan to integrate their payment products into these platforms. Squeri revealed in the letter that American Express will launch a "developer kit" next month to enable AI platforms to offer its payment options. Also on Wednesday, American Express announced it will update its credit cards and other products for businesses of all sizes this year. As part of the refresh, American Express introduced a new Graphite Business Cash Card with an annual fee of $295. In an interview, Raymond Joabar, President of the Global Commercial Services Group, stated that this update could be the "most significant expansion" in the history of American Express's business services division. The updates also include an annual $300 statement credit for ChatGPT Enterprise subscriptions for U.S. Business Gold and Platinum cardholders. In an interview, Squeri noted that despite American Express embracing AI, the day when AI assistants can search for and complete all our specific purchases is still far off. "It's going to be a long journey," he said. Squeri gave the example of asking an assistant to search for a pair of vintage yellow sneakers, stating, "You're still going to have to approve that transaction yourself."