Late last week, Barron'​s wrote, "Schwab Investors Get Spooked by JPMorgan’​s AI Strategy. The Big Worry Is Cash Sweeps." The article tells us, "​On Charles Schwab'​s Thursday earnings call, CEO Rick Wurster talked at length about how artificial intelligence can improve efficiency and boost growth. Investors, however, were more focused on AI'​s potential to disrupt Schwab'​s reliance on low-​yielding sweep cash for a significant chunk of its revenue. Shares of Schwab fell 7.​6% on Thursday as investors weighed Schwab'​s strong first-​quarter earnings report against news that JPMorgan Chase was developing an AI cash management tool, which raised the specter of new competitive pressures on clients' cash holdings. Other wealth management stocks also tumbled on Thursday. For example, Raymond James Financial'​s stock dropped 3.​2%. LPL Financial fell 5.​7%." It explains, "The latest catalyst for a wealth stock selloff appears to have come from JPMorgan CEO Jamie Dimon'​s annual letter to shareholders in which he said that the bank plans to introduce an AI-​enabled tool to help clients automatically move money between their checking accounts and high-​yielding brokerage products. '​Eventually, AI will allow clients to predict cash flow needs and anticipate upcoming bills, doing their budgeting for them,' he wrote.... Analysts suggest investors are concerned that such AI tools may pressure sweep cash programs at brokerage firms, which move or '​sweep' customers' idle dollars into low-​paying bank accounts. The practice helps firms generate net interest income, which is the difference between what they pay customers in interest on their deposits and what the firms earn …