Jamie Dimon Recalls First Palantir Meeting: 'Holy Christ, This Is Unbelievable—' JPMorgan Now Has 600 AI Use Cases, $2 Billion Annual Investment On AI

JPMorgan Chase & Co. JPM Chairman and CEO Jamie Dimon revealed that his first encounter with Palantir Technologies Inc. PLTR fundamentally changed the bank’s approach to artificial intelligence.

What Happened: “In 2012 we first used Palantir and I remember sitting down with the Palantir people and going through this AI thing saying holy Christ this is this is unbelievable,” Dimon said on Wednesday at the Databricks Data + AI Summit 2025.

The meeting proved transformative for America’s largest bank. JPMorgan immediately established its own AI department following the Palantir demonstration, positioning itself among the first major financial institutions to make such a strategic commitment.

By 2017, the bank hired Manuela Veloso, former machine learning director at Carnegie Mellon University, to lead its expanding AI efforts. The bank now operates a 200-person research group dedicated exclusively to AI development.

JPMorgan’s AI investment has reached $2 billion annually as part of its $18 billion technology budget. The bank currently operates 600 active AI use cases across its global operations, with Dimon projecting that number could double or triple within the next year.

“We move 10 trillion dollars a day, we buy and sell three trillion of securities every day,” Dimon explained, highlighting the bank’s massive data processing requirements that make AI integration critical for risk management and operational efficiency.

Why It Matters: The bank elevated AI’s organizational importance by removing it from traditional technology reporting structures. The AI and data chief now reports directly to Dimon and JPMorgan President Daniel Pinto.

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“We put it at the management table so that we can elevate it and spend much more time thinking about what are we doing to accelerate it,” Dimon said.

Meanwhile, Palantir shares reached new all-time highs Wednesday, trading at $136.35 after announcing a multi-year partnership with specialty paper manufacturer Fedrigoni. The stock has surged 473% over the past 12 months, reflecting growing investor confidence in the company’s commercial AI applications.

According to Benzinga’s Edge Stock Rankings, Palantir shows strong Short-, Medium-, and Long-Term Price Trends. Here’s how the stock performs across other key metrics.