During the January 2026 super earnings week, America’s major banks have all reported results. While each bank has a different business focus, one industry-wide consensus has clearly emerged: short-term expense increases in the name of future technology (AI).The market’s response, however, has been brutally pragmatic. Tolerance for rising costs is fading, and the ROI (return on investment) stress test has officially begun.AI transformation vs. operating expense growth has become the core “battleground” of this earnings season.1. $JPMorgan Chase(JPM)$: The bold “long-term tech bet”CEO Jamie Dimon has taken a firm stance on higher spending — essentially telling investors, “Trust me.” He argues that investing now in AI, data centers, and cybersecurity