AI FOR THE LONG TAIL JPM spends $50 Bn+ on compensation expense. They spend $10 Bn+ on technology development. How much of that $50 Bn in compensation expense - call centers, retail bankers, syndicate bankers, etc - will get replaced by AI? There's a lot of producitivty improvement we're going to see in Services businesses - and especially financial services. That should keep EPS growing for years to come. As long as you're on the right side of disciplined innovation, and avoding the 'AI Have Nots', should do well... $JPM