JPMorgan CEO Jamie Dimon isn't sure how consumer AI will play out

It’s still a mystery to JPMorgan (JPM) CEO Jamie Dimon how the consumer AI market will eventually turn out.

Dimon made the comment during a conversation with Anthropic (ANTH.PVT) CEO Dario Amodei and journalist Andrew Ross Sorkin at Anthropic’s The Briefing: Financial Services event on Tuesday, where Anthropic unveiled new capabilities for the financial services industry.

During a back-and-forth between Sorkin and Amodei regarding revenue run rate, Amodei said there’s significant uncertainty around Anthropic’s growth following the company's 80x increase in its annualized run rate in the previous quarter.

Later in the conversation, Dimon noted that he believes consumer AI and enterprise AI should be kept separate.

“It's not clear to me how consumer is going to play out. A lot of you probably … use Gemini … you can use it for free, that may be completely sufficient for your requirements,” he said.

“Enterprise, we always look at it a little bit more like I’m making an investment and what I'm getting for it. If it makes you better off, you make the investment, whether it's hardware, software, or machine learning, or sales people.”

Anthropic’s business focuses primarily on the enterprise market and continues to expand deeper into the segment. In addition to its Claude AI models, Anthropic sells products such as Claude Code, Claude Cowork, and Claude Security.

Anthropic’s chief rival, OpenAI (OPAI.PVT), also has a growing array of enterprise tools, but the company’s primary source of revenue is its consumer line of products, which can be used for free with limitations or via subscriptions.

In March, OpenAI announced that its advertising pilot, in which free users see ads in their ChatGPT window, achieved an annualized revenue run rate of $100 million in six weeks.

Whether OpenAI can continue to grow its consumer business and compete with the likes of Google, which saw ad revenue of $77.25 billion in its first quarter alone, is an open question.

But with a massive debt load, it behooves OpenAI to ensure both its enterprise and consumer arms can bring in plenty of cash going forward.

Correction: A previous version of this article misspelled Dario Amodei’s name. We regret the error.

Email Daniel Howley at dhowley@yahoofinance.com. Follow him on X at @DanielHowley.

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