Here’s What JPMorgan Chase & Co. (JPM) Did to Harness AI to Increase Productivity

Mairs & Power, an investment advisor, released the “Mairs & Power Growth Fund” third quarter 2023 investor letter. A copy of the same can be downloaded here. The stock market began positively in the third quarter but declined in August and September due to rising interest rates. Despite losing some of its gains in the third quarter, the Mairs & Power Growth Fund is still up 12.19% for the year. In contrast, the Morningstar Large Blend category has experienced a 9.74% year-to-date increase while the S&P 500 Total Return (TR) has increased by 13.07%. The sector allocation led the fund to underperform in the quarter. In addition, please check the fund’s top five holdings to know its best picks in 2023.

Mairs & Power Growth Fund highlighted stocks like JPMorgan Chase & Co. (NYSE:JPM) in the third quarter 2023 investor letter. Headquartered in New York, New York, JPMorgan Chase & Co. (NYSE:JPM) is a financial services company. On November 27, 2023, JPMorgan Chase & Co. (NYSE:JPM) stock closed at $153.19 per share. One-month return of JPMorgan Chase & Co. (NYSE:JPM) was 10.16%, and its shares gained 12.18% of their value over the last 52 weeks. JPMorgan Chase & Co. (NYSE:JPM) has a market capitalization of $442.874 billion.

Mairs & Power Growth Fund made the following comment about JPMorgan Chase & Co. (NYSE:JPM) in its Q3 2023 investor letter:

“We believe AI will have the largest impact in the near term on large enterprises that can harness AI to increase the productivity of their workforces and improve the experience of their customers. For instance, JPMorgan Chase & Co. (NYSE:JPM) employs more than 900 data scientists, 200 AI researchers, and 600 machine learning engineers, and is building out its own AI data center. The company expects to deliver more than $1.5 billion in business value from AI efforts in 2023.”

Best Bank Stocks for Dividends

JPMorgan Chase & Co. (NYSE:JPM) is in 19th position on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 109 hedge fund portfolios held JPMorgan Chase & Co. (NYSE:JPM) at the end of third quarter which was 106 in the previous quarter.

We discussed JPMorgan Chase & Co. (NYSE:JPM) in another article and shared the list of Goldman Sachs’ top stock picks for 2024. In addition, please check out our hedge fund investor letters Q3 2023 page for more investor letters from hedge funds and other leading investors.

Suggested Articles:

Disclosure: None. This article is originally published at Insider Monkey.