“The crowding out is coming from the government. So governments around the world are borrowing record sums of money, which is inflationary, by the way, including our government, which is huge.”
Wall Street Week · October 2026
In an interview in Detroit, the JPMorgan chief was asked whether the rush of capital into AI is crowding out other borrowers. He said raising money for productive investment is generally a good thing, even if not all of it pays off.
Transcript
…actually ultimately be good for us too, because the stronger they are, the more business you do, and the more they can defend themselves and pay for what they need for security and resiliency. So it is a huge deal. And you go to large parts of the world, they simply don't have it. It doesn't exist.
We can't have a conversation these days without talking about AI at some point, right? And when you talk about capital availability, is there, Jamie Dimon you see any evidence of crowding out? Because there's so much demand for capital to go into AI right now. Yeah.
You know, I mean, the crowding out is coming from the government. So governments around the world are borrowing record sums of money, which is inflationary, by the way, including our government, which is huge. But no, I mean, if people are raising productive capital because they think it's going to pay out in all various ways, I think that's a good thing. It doesn't mean it's all going to pay. It doesn't mean you don't have to pay more for the capital. But generally, for productive future growth.
So, Governor, it's your state. You should get the last word. Tell us about AI in Michigan and how it fits potentially into this new initiative.
Well, as we think about the initiative, it's about connecting the innovators with the capital and with the customers. And that's really the role of state government in this, you know, in the Michigan lift. We're all navigating a world that is changing fast. And that's why I think collaborations…
Coming up, the amazing story of what seems to be unlimited AI investment and an unlimited appetite to fund it through historic levels of borrowing. Is there any end in sight? Someday, AI-powered driverless big rigs will haul cargo faster and safer. And it turns out that someday is tomorrow and the…
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