JPMorgan chief warns firms to curb AI costs and safeguard data

Jamie Dimon, chief executive of JPMorgan, told one outlet that the period of unchecked AI investment is ending, urging businesses to manage AI budgets like any other resource. He noted that companies are now monitoring token consumption—the usage-based fee for AI models—and are opting for lower-cost options to improve return on investment. Dimon also stressed that safeguarding data and intellectual property has become a top priority for executives as generative AI expands.

His comments reflect a wider shift among large enterprises to limit exposure to vendor data requests and to favor appropriately sized AI models, a practice dubbed “modelmaxxing.” Industry leaders such as Palantir CEO Alex Karp and Cerebras Systems CEO Andrew Feldman have criticized excessive token spending, likening it to wasteful behavior. Dimon added that JPMorgan will do everything possible to protect its customers’ information.