JPMorgan Chase (JPM) Chief Executive Jamie Dimon said spending across the hyperscaler AI ecosystem could reach $1 trillion next year, up from about $700 billion this year, CNBC reported Monday.

AI investment has more than doubled to about $700 billion, supporting economic growth while potentially adding to inflation, but could have a deflationary effect over the longer term, according to the report.

Dimon added that it is too early to identify AI winners, citing the internet bubble, and warned that strong capital demand from infrastructure, remilitarization and government deficits could push interest rates higher, the report added.

JPMorgan Chase did not immediately respond to MT Newswires' request for comment.

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