JPMorgan Chase has expanded its equity research coverage to include private companies, beginning with OpenAI. The bank released a 24-page initiation report outlining its strategic thesis on OpenAI, highlighting the company's mission to ensure that artificial general intelligence benefits all of humanity. JPMorgan analysts have cautioned investors about OpenAI's aggressive spending on talent acquisition and research and development, which could test investor tolerance. This move marks a broader trend among major financial institutions, with Citigroup also extending formal research coverage to large private firms. Concurrently, the AI sector is experiencing notable shifts in employment dynamics, with tech employment shares declining and layoffs occurring in lower productivity sectors, such as the 2% workforce reduction at Tata Consultancy Services (TCS). Despite job cuts in low-skill tech roles, wages for AI-skilled employees are rising by approximately 28%. JPMorgan has mandated that all its divisions present AI cost-saving plans to its operating committee, reflecting a top-down push for AI innovation across the bank. Meanwhile, companies like Amazon are making substantial investments in robotics, aiming for a 1:1 robot-to-human ratio in UK warehouses by 2028, which raises questions about the future of certain job roles in the sector.