Investors are the worst plague on mankind, truly unbelievably irrational, and bad at knowing things that they should, but have way too much power and money to influence things. AI spend is justified if it’s increasing productivity or marketshare. AI spend is not justified if all it does is reduce headcount. The technology cannot replace people without needing quality control and assurance. The fact that most leadership is clownish and doesn’t know how to invest in AI is not the technology’s fault, maybe that’s what JPM means.