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Here is JP Mogan's blueprint to become the world's first fully AI powered bank

Deep within the bowels of JPMorgan Chase’s data centers and cloud providers, an artificial intelligence program crucial to the bank’s aspirations grows more powerful by the week.

The program, called LLM Suite, is a portal created by the bank to harness large language models from the world’s leading AI startups. It currently uses models from OpenAI and Anthropic.

Every eight weeks, LLM Suite is updated as the bank feeds it more from the vast databases and software applications of its major businesses, giving the platform more abilities, Derek Waldron, JPMorgan chief analytics officer, told CNBC in an exclusive interview.

“The broad vision that we’re working towards is one where the JPMorgan Chase of the future is going to be a fully AI-connected enterprise,” Waldron said.

JPMorgan, the world’s largest bank by market capitalization, is being “fundamentally rewired” for the coming artificial intelligence era, according to Waldron. The bank, a heavyweight across Main Street and Wall Street finance, wants to provide every employee with AI agents, automate every behind-the-scenes process and have every client experience curated with AI concierges.

EA going private in a $55 billion deal that will pay investors $210 a share

Electronic Arts said Monday that it has agreed to be acquired by the Public Investment Fund of Saudi Arabia, Silver Lake and Affinity Partners in an all-cash deal worth $55 billion.

Shareholders of the company will receive $210 per share in cash.

EA’s stock climbed 4.5% on Monday. Shares gained about 15% on Friday, closing at $193.35, after The Wall Street Journal reported that the company was nearing a deal to go private.

PIF is rolling over its existing 9.9% stake in the company and will, by far, be the majority investor in the new structure, people close to the deal told CNBC’s David Faber.

The acquisition is the latest in a “recent gaming spree” by the Saudi PIF, which has been active in gaming since 2022, analysts at Raymond James wrote in a note early Monday.

The fund’s gaming arm, Savvy Gaming, has taken stakes in public video gaming publishers and bought ESL, FACEIT, and Scopely, the analysts noted, but the deal for EA is “the biggest such move to date by some distance.”

Affinity CEO Jared Kushner, who is President Donald Trump’s son-in-law, touted EA’s “bold vision for the future” in a release announcing the deal.

“I’ve admired their ability to create iconic, lasting experiences, and as someone who grew up playing their games - and now enjoys them with his kids - I couldn’t be more excited about what’s ahead,” Kushner said in a statement.

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