JPMorgan Chase is the ‘Nvidia of banking,’ Wells Fargo’s Mayo says

JPMorgan Chase (NYSE:JPM) is outpacing its banking peers in AI adoption, Wells Fargo’s Mike Mayo wrote in a recent note, calling it the “Nvidia (NVDA) of banking.”

Indeed, the U.S.’s largest lender set aside $17.0B (accounting for 9% of revenue) for its 2024 tech budget, easily