Dimon Warns of Bubbly Markets After JPMorgan Posts $21.2 Billion Q2 Profit

3 articles · Updated · Fortune · Jul 14

$21.2 billion in second-quarter net income gave JPMorgan its best quarter ever, yet Jamie Dimon told analysts markets were nearing "as good as it gets" and may not stay there.
A $4.6 billion gain on JPMorgan's Visa stake lifted reported earnings, but core profit still reached $16.9 billion, or $6.14 a share, topping Wall Street's $5.80 estimate.
Dimon said risk is shifting "below the surface like tectonic plates," pointing to wars, sticky inflation and global fiscal deficits even as trading and dealmaking keep feeding bank profits.
Goldman Sachs underscored that boom with $6.63 billion in profit and $20.98 diluted EPS, while Brent crude rose above $87 after Trump said the U.S. was reinstating a blockade on Iranian shipping.
The warning lands as investors debate whether the AI-driven rally is becoming overheated, though June inflation slowed to 3.5% ahead of the Federal Reserve's late-July decision.