Executives' favorite explanation for spending big on AI: FOMO

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If you're wondering whether JPMorgan's tech spend is paying off, here's Jamie Dimon's answer: "Trust me."

That's how the CEO responded to questions about the bank's ROI on its ever-growing tech budget during JPMorgan's fourth-quarter earnings calls. The bank is projecting it'll spend roughly $9.7 billion more in expenses this year than in 2025.

He won't be the last executive pressed on money spent on tech and AI. The quiet concerns that started last year regarding massive AI investments are escalating into loud protests in 2026.

Dimon wasn't just asking for blind faith from his shareholders. He discussed the threat posed by his peers and fintechs, and said spending on technology and AI is far more important than trying to "meet some expense target."

(For what it's worth, JPMorgan is actually top of the class when it comes to AI maturity across Wall Street, according to Evident's AI index.)

The players might be different, but other businesses will likely defend their AI spend with a similar argument: Every dollar I don't spend is one my competitor is willing to, and that could be the difference between winning and losing.

I'm not endorsing FOMO-inspired spending, but I see the rationale. I'd rather go down swinging in the AI wars than not enter the fray at all.

There's another fight JPMorgan isn't interested in getting into.

The bank's CFO said the credit card rate cap proposed by President Donald Trump could force JPM to rethink its business entirely.

It's the latest company to weigh in on Trump's proposal, and it's a biggy. JPMorgan's card services sales totalled roughly $360 billion last quarter.

Opponents of Trump's pitch say capping credit card rates will backfire. If lenders can't charge higher rates to riskier borrowers, they'll just limit the credit they offer them instead of lowering their rates.

And it's not like people will stop borrowing. (This is America, after all.) They'll just look for alternatives, which could lead them to take out more personal loans, making 2026 potentially a big year for lenders like SoFi.