Hot in Enterprise IT/VC - What's 🔥 in Enterprise IT/VC #336
What's 🔥 in Enterprise IT/VC #336Jamie Dimon's JPM Annual Letter + where its >$2B incremental IT Spend is goingApologies for the mess regarding the inability to embed tweets in my Substack. I did the best I could with screenshots where it made sense and shared links in other cases. I do hope that Twitter comes to its senses and understands the importance of an open internet. This week was quite eventful personally as we had our boldstart team offsite here in Miami 🌴. While I do ❤️ our distributed team, it’s always nice to be together IRL and crank through important investor agenda items like pace of investing, focus areas, and where we can get blindsided. No worries - we are not chasing generative AI and LLM cos but also do understand the impact of AI on many portfolio cos in developer tooling for example. We are also continuing to double down on investing in technical founders with just ideas born out of pain they’ve experienced with no product in existence. Finally, meet our 2 newest partners George and Cooper 🐶 who are 100% focused on old school, unsexy infrastructure. Switching gears, I always look forward to Jamie Dimon’s Annual Letter where he shares his thoughts on the business, the economy, and where he’s pointing his massive IT budget for the following year. Last year, (What’s 🔥 IT/VC #284) Jamie focused most of his IT Spend highlights on cloud priorities and this year’s letter is all about AI. What is 🤯 to me is the the fact that JPM already has >1000 people on data management, >900 data scientists, >600 ML engineers, >200 AI Researchers, >300 AI use cases in production, >1000 APIs created, and >$2B spent in cloud migration with only 38% of apps in cloud which means there is still huge upside 📈! Just a reminder JPMorgan spends >$12B annually on technology and this year it plans on increasing its spend by $2B.
Remember all of this spend and modernizing of applications drives more spend
As always, 🙏🏼 for reading and please share with your friends and colleagues! Scaling Startups
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