Jamie Dimon said he would not invest broadly in the stock market now, arguing geopolitical tensions and stretched valuations make the setup unattractive even after the recent rally.
AI stocks were a central concern: Dimon said they will probably pay off eventually, but not in the way or on the timetable many investors expect.
JPMorgan's caution comes after a record quarter, with revenue up 27% to $58 billion and net income up 41% to $21 billion, helped by strong investment banking and equities trading.
The broader takeaway in the report still favored steady investing over market timing: the S&P 500 fell nearly 20% in 2022 but has almost doubled since 2023 and gained 245% over 10 years.