JPMorgan Chase & Co. operates as a financial services company worldwide. It operates through four segments: Consumer & Community Banking (CCB), Corporate & Investment Bank (CIB), Commercial Banking (CB), and Asset & Wealth Management (AWM). The CCB segment offers deposit, investment and lending products, cash management, and payments and services; mortgage origination and servicing activities; residential mortgages and home equity loans; and credit cards, auto loans, leases, and travel services to consumers and small businesses through bank branches, ATMs, and digital and telephone banking. The CIB segment provides investment banking products and services, including corporate strategy and structure advisory, and equity and debt market capital-raising services, as well as loan origination and syndication; payments; and cash and derivative instruments, risk management solutions, prime brokerage, and research. This segment also offers securities services, including custody, fund accounting and administration, and securities lending products for asset managers, insurance companies, and public and private investment funds. The CB segment provides financial solutions, including lending, payments, investment banking, and asset management to small and midsized companies, local governments, nonprofit clients, and large corporations, as well as investors, developers, and owners of multifamily, office, retail, industrial, and affordable housing properties. The AWM segment offers multi-asset investment management solutions in equities, fixed income, alternatives, and money market funds to institutional clients and retail investors; and retirement products and services, brokerage, custody, estate planning, lending, deposits, and investment management products to high net worth clients. JPMorgan Chase & Co. was founded in 1799 and is headquartered in New York, New York.

JP Morgan Chase & Co. демонстрирует сильные финансовые показатели, включая высокие значения ROE (16.04%) и ROA (1.30%), которые значительно выше медианных значений в отрасли, что указывает на эффективное использование капитала. Однако, P/E (16.06) и P/B (2.45) превышают медианные значения, что может свидетельствовать о переоцененности акций. Долговая нагрузка компании также вызывает беспокойство, так как debt/equity ratio составляет 1.19, что выше медианы отрасли. Несмотря на это, рост выручки и прибыли на акцию (EPS) в последние годы подчеркивает устойчивую финансовую динамику. Дивидендная доходность (0.45%) показывает небольшое снижение, что также может негативно сказаться на привлекательности для инвесторов. В целом, сильные стороны компании заключаются в её финансовой устойчивости и способности генерировать прибыль, однако высокие мультипликаторы и долговая нагрузка могут ограничить дальнейший рост акций в краткосрочной перспективе.

JP Morgan Chase & Co.

Key Points
Bonds with shorter durations are safer in a bond market crisis.
Non-U.S. government and high-quality corporate bonds are a wise alternative.
Stocks of companies with healthy balance sheets are a smart investment.
Speaking at a conference in Norway earlier this week, Jamie Dimon, the iconic CEO of investment bank JPMorgan Chase, said there could be a bond crisis if rising levels of government debt worldwide are not addressed soon.
"The way it's going now, there will be some kind of bond crisis, and then we'll have to deal with it," Dimon told attendees at the conference.
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Generally, a bond crisis occurs when investors lose confidence in government bonds and begin selling them in large quantities, sending bond prices down and yields -- which move in the opposite direction of prices -- suddenly higher.
A sudden spike in bond yields can be damaging in many ways. Governments suddenly have to pay more in interest to raise money, borrowing costs for households and businesses rise, existing bondholders lose money on their holdings, and corporate earnings decline, ultimately sending share prices lower.
Certainly, bond yields can rise as expectations of economic growth improve. And generally, that's a good thing for bond and stock investors.
But that's not what Dimon was talking about. Because the U.S. government continues to spend more every year than it takes in from taxes and other revenue, its overall debt continues to rise. It now stands at around $39.2 trillion, or about 124% of gross domestic product (GDP).
And the U.S. is hardly unique. Many advanced economies carry large debt loads. Japan's debt is more than 235% of GDP, and several large European nations have debt that exceeds 100% of GDP (Italy's stands at 135%).
At some point, Dimon suggests (and he's not alone), bond investors will balk at lending more money to these governments to fund their annual budget deficits. They will either stop buying their bonds or, more likely, demand higher yields to do so, sending borrowing costs higher across the board and threatening market liquidity, among other things.
Nobody knows exactly when that will happen, but Dimon and other suggest that time is getting closer. "That die may have been cast," Dimon said at the conference. "It just hasn't happened yet."
Investors can protect themselves to some extent from a bond crisis
The question is, what should investors do to protect themselves from a bond crisis?
Well, it's probably not wise to overhaul your entire portfolio in anticipation of a looming debt crisis. Such an event is difficult to predict, and an overly fearful response could cause an investor to miss out on significant market gains before it happens.
But making a few small changes and/or additions to your portfolio can make it more resilient to a broad sell-off in the bond market.
First, if you own bonds, consider reducing the duration of your current bond portfolio. Shorter maturity bonds tend to withstand sudden yield spikes better.
Treasury Inflation-Protected Securities, or TIPS, and Series I Savings bonds can help protect your portfolio from inflation -- which often goes hand-in-hand with rising debt. So adding them to your current portfolio is a wise idea.
Also, if you fear a U.S. debt crisis in particular, consider both high-quality corporate bonds and non-U.S. bonds. Bond giant PIMCO recommends bonds issued by the United Kingdom and Australia, which it says are high-quality sovereign bond issuers with stronger fiscal health than the U.S.
As for stocks, increase your investments in high-quality companies with strong balance sheets and quality cash flow. Avoid, or at least reduce, investments in highly indebted companies. Defensive stocks like utilities and consumer staples tend to hold up well in a variety of economic crises.
Finally, some investment advisors recommend gold as a hedge in times of crisis. I also believe that allocating a small portion of your portfolio to precious metals is wise. And if global investors -- in particular, central banks -- decide to reduce their purchase of Treasury securities, they will rely more heavily on gold for their monetary reserves, sending its price higher.
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JPMorgan Chase is an advertising partner of Motley Fool Money. Matthew Benjamin has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends JPMorgan Chase. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

JPMorgan Chase CEO Jamie Dimon Just Warned Investors of a Potential Debt Crisis. Here's What Investors Should Do.

Key Points
The world has lost 900 million barrels of oil supply since the war with Iran started.
It could take months to restart shut-in oil wells and rebuild inventory levels.
Oil prices will likely remain high for the rest of the year, boosting oil industry profits.
The war with Iran has caused a massive upheaval in the global oil market. The closure of the Strait of Hormuz by Iran and the U.S. Navy's blockade in the Gulf of Oman have led to a 57% drop in Persian Gulf oil production due to disruptions to oil exports.
The production curtailment will have a lasting impact. The CEO of oil major Shell (NYSE: SHEL) recently warned that oil and LNG shortages stemming from the closure of the Strait of Hormuz could last months and possibly drag into next year. Here's a look at how this could impact oil stocks.
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The 900-million-barrel shortfall
The Strait of Hormuz closure has already had a significant impact on the oil market. Shell CEO Wael Sawan stated in an interview with Bloomberg, "We are talking about roughly 900 million barrels that have not been produced in the last couple of months and that has been replaced essentially by stock drawdown." Instead of producing enough oil supply to meet global demand, the world has been relying on emergency stockpiles. According to Goldman Sachs, global inventories are draining at a record pace of 11 million to 12 million barrels per day.
Even when the Strait of Hormuz reopens, the oil market won't go back to normal overnight. It will take several months to restart some of the oil wells shut in due to the war. Additionally, the world will need to restock oil inventories. These issues drive Shell's view that the oil market will remain "tight for the coming months, if not the next year-plus."
This outlook is driving a growing consensus that oil prices will be higher for longer. Goldman Sachs recently laid out several oil price scenarios based on how quickly the Strait reopens and supplies recover. Its base case is that oil will end the year around $90 a barrel, while a more adverse case likely puts crude at $100 by year-end. Meanwhile, the U.S. Energy Information Administration's (EIA) latest forecast doesn't call for oil to fall below $90 a barrel until the fourth quarter.
Higher for longer
Brent oil, the global benchmark price, averaged $69 a barrel last year. JP Morgan initially expected it to average around $60 a barrel this year. However, the supply disruptions caused by the war will likely keep oil prices higher for longer. JP Morgan recently warned that Brent could spike to $120-$130 a barrel in the near term, with the potential to surge above $150 if the Strait remains closed through mid-May, before falling below $100 later this year as conditions normalize. Meanwhile, the EIA now expects Brent to average $96 this year and be in the mid-$70s next year.
These forecasts suggest that oil companies will make even more money in the coming months. Most oil companies expected lower crude prices this year, leading them to keep a tight lid on spending. For example, ConocoPhillips (NYSE: COP) initially expected to generate an additional $1 billion in free cash flow this year at $70 oil, -- it produced $7.3 billion in 2025 -- driven by cost and capital savings. ConocoPhillips will produce much more cash now that oil is likely to stay above $90 for the rest of the year. Every $1 increase in the average oil price boosts annualized cash flows by over $200 million. The oil company will likely return most of that windfall to investors through share repurchases. Most of its peers will also likely return a meaningful portion of their windfall profits to shareholders through dividends (special and variable) and buybacks this year.
The oil market won't return to normal anytime soon
The longer the Strait of Hormuz remains closed, the longer it will take for the oil market to normalize. That means oil prices could remain high into 2027, enabling oil companies to generate more cash, most of which they'll return to shareholders. That makes investing in oil stocks or an oil ETF look like a smart move through at least the end of this year, since they should have plenty of fuel to continue moving higher.
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JPMorgan Chase is an advertising partner of Motley Fool Money. Matt DiLallo has positions in ConocoPhillips and JPMorgan Chase. The Motley Fool has positions in and recommends Goldman Sachs Group and JPMorgan Chase. The Motley Fool recommends ConocoPhillips. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

A Major Oil Executive Warns That the Global Oil Supply Disruption Could Last Into 2027. Here's What That Means for Oil Stocks.

Comparing units outstanding versus one week ago at the coverage universe of ETFs at ETF Channel, the biggest inflow was seen in the Financial Select Sector SPDR Fund, which added 12,900,000 units, or a 1.3% increase week over week. Among the largest underlying components of XLF, in morning trading today Berkshire Hathaway is up about 0.7%, and JP Morgan Chase is up by about 0.3%.
And on a percentage change basis, the ETF with the biggest increase in inflows was the SQMX ETF, which added 375,000 units, for a 39.5% increase in outstanding units.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

XLF, SQMX: Big ETF Inflows

Key Points
The SPDR Gold Shares betrayed its safe-haven reputation recently when investors needed it most.
Gold's decline on the back of the war in Iran is confounding, but may spell opportunity.
JPMorgan believes the commodity can trade as high as $6,300 this year.
Some asset classes are considered safe havens, or destinations that investors turn to during periods of geopolitical or macroeconomic turbulence. Gold, which is an estimated 4.5 billion years old, (yes, billion with a "B") is often a prime hideout when markets turn calamitous.
So, in theory, the start of the now lengthy conflict in Iran should've been an ideal time to own commodity and gold exchange-traded funds (ETFs), such as the SPDR Gold Shares (NYSEMKT: GLD).
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Unfortunately, the opposite is proving true. The GLD ETF, the oldest and largest fund in the gold ETF camp, is down 5.3% over the past three months, a period including the start of the war in Iran.
That's a frustrating state of affairs for some investors. After all, not only did bullion and related ETFs falter when a war broke out, but the commodity also slid as rising oil prices reignited inflationary pressures. Historically, gold is an inflation-fighting asset. In other words, the commodity has betrayed investors on two fronts this year.
Understanding bullion's weakness and that of gold ETFs in this specific inflationary environment, which is hopefully fleeting, isn't difficult. It boils down to surging oil prices spooking market participants about the Federal Reserve's ability to lower interest rates. The higher bond yields are, the less appealing gold and ETFs such as the SPDR fund become, because these assets don't pay coupons or dividends. The only "income" investors earn comes from selling bullion or a related ETF at a profit. Still, there are credible reasons why the SPDR Gold Shares merit examination today.
A big bank is bullish on bullion
In Goldfinger, the third installment in the James Bond franchise, villain Auric Goldfinger told 007 he'd been in love with gold all of his life. Investors don't need to reach that level of infatuation with the SPDR ETF, but they ought to consider what some big banks are saying about the commodity.
Count JPMorgan among those firmly in the bullish-on-bullion camp. The bank sees gold ascending to $6,000 to $6,300 per ounce this year. Let's split the difference on that forecast, calling it $6,150. That implies significant gains from the $4,740-per-ounce level where gold traded on Friday, April 24. Translation: The SPDR fund would certainly be among the commodities ETFs benefiting if gold gets anywhere close to JPMorgan's forecast.
The path to gold getting there, and thus upside for the SPDR ETF, is plausible. Yes, about half of global gold demand is still tied to jewelry consumption, but new investors should dig deeper and realize that the bull case for the yellow metal is supported in large part by global central banks.
Gold purchases by those monetary authorities hit record levels in 2022, continuing at brisk paces over the next two years before cooling off a bit due to surging prices in 2025. Emerging-market central banks are major buyers of bullion, and JPMorgan estimates that 43% of 73 marquee central banks will increase their gold purchases over the next year. This implies that while gold and the SPDR ETF won't move up in a straight line, some "smart money" market participants see value in the commodity.
The Midas touch for diversification
Working on the premise that even the low end of JPMorgan's forecast comes into play at some point this year implies significant upside awaits the SPDR Gold Shares and its counterparts. Still, there are other reasons to consider this ETF, with diversification being at the top of the list.
Frequently, investors construct portfolios with different asset classes to achieve diversification. For example, they'll add Treasury bond ETFs to equity-heavy baskets, thinking they're suddenly diversified. However, diversification isn't always achieved through different assets. The key is building a portfolio with assets that don't behave similarly.
This is what the pros call correlation. True diversification is attained when a portfolio's holdings aren't joined at the hip in terms of behavior. That highlights the appeal of the SPDR Gold Shares because, dating back to the 1970s, gold's correlations to the S&P 500 and the Bloomberg U.S. Aggregate Bond index are negligible, confirming this ETF is a legitimate diversification tool and a "buy" as well.
Should you buy stock in SPDR Gold Shares right now?
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Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $492,752!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,327,935!*
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JPMorgan Chase is an advertising partner of Motley Fool Money. Todd Shriber has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends JPMorgan Chase. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Buy, Sell, or Hold GLD at Current Prices? Here Is What JPMorgan's $6,300 Year-End Target Means for Gold ETF Investors.

Key Points
Oil prices have already surged more than 60% this year.
They could continue to rise if the Strait of Hormuz doesn't reopen soon, given the time required to normalize production and transportation flows.
Higher oil prices for longer will boost oil company cash flows.
Oil prices have already soared this year due to the war with Iran. Brent, the primary global oil price benchmark, has surged over 60% to around $100 a barrel, while WTI, the primary U.S. benchmark, is also up more than 60% to around $95 per barrel.
While oil prices have risen sharply, an analyst at JPMorgan doesn't believe they're high enough to reflect the war's full impact on the global oil market. Here's what energy investors need to know about the situation.
Will AI create the world's first trillionaire? Our team just released a report on the one little-known company, called an "Indispensable Monopoly" providing the critical technology Nvidia and Intel both need. Continue »
A supply disruption of epic proportions
Before the war with Iran, 20% of global oil and liquefied natural gas (LNG) supplies traveled through the Strait of Hormuz between Iran and Oman each day. However, Iran has closed the Strait by attacking ships and laying sea mines, while the U.S. Navy is blockading Iranian ships. As a result, energy exports out of the region have slowed to a trickle.
According to an estimate by Goldman Sachs, oil production in the Persian Gulf is down 57% from its pre-war level, or about 14.5 million barrels per day. Output would be down even more if Saudi Arabia and the UAE weren't able to export some oil via pipelines that bypass the Straight.
That production won't immediately resume once the Strait reopens. The Pentagon estimates it could take up to six months to clear sea mines laid by Iran in the Strait. Additionally, Goldman Sachs estimates it will take a few months to restore the region's production rates to pre-war levels, due to shut-in wells that will require workovers to fully restore output.
Higher oil prices mean higher earnings for oil stocks
All these signs suggest that oil prices will remain higher for longer this year. Goldman Sachs now believes Brent will end the year at $100 if oil flows don't normalize soon.
This outlook implies that oil companies will make a lot more money than anticipated this year. For example, U.S. oil giant ConocoPhillips (NYSE: COP) initially expected to produce an additional $1 billion of free cash flow this year -- it generated over $7 billion in 2025 -- driven solely by cost-savings initiatives. That forecast assumed WTI would average $70 a barrel (it was roughly $65 last year). However, with oil likely to remain high for the rest of the year, ConocoPhillips will generate an even bigger gusher of free cash flow. Every $1 increase in the average annual WTI oil price will boost cash flow by $140 million to $150 million, while the same increase in Brent would boost it by $65 million to $75 million.
Occidental Petroleum (NYSE: OXY) also initially expected to generate more cash this year from its cost-savings initiatives (over $1.2 billion). It's now on track to reap a much larger windfall from higher oil prices. Every $1 increase in crude prices (Brent and WTI) will boost Occidental's annual cash flows by $265 million.
Higher oil prices will benefit oil stocks
While oil prices have already surged, they could have further to run and will likely remain high for the rest of the year. That means oil companies will make a lot more money than they initially anticipated this year, which they'll likely return to investors by repurchasing shares. That could give their shares more fuel to rise, making oil stocks a buy.
Should you buy stock in ConocoPhillips right now?
Before you buy stock in ConocoPhillips, consider this:
The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and ConocoPhillips wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.
Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $492,752!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,327,935!*
Now, it’s worth noting Stock Advisor’s total average return is 991% — a market-crushing outperformance compared to 201% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors.
*Stock Advisor returns as of April 28, 2026.
JPMorgan Chase is an advertising partner of Motley Fool Money. Matt DiLallo has positions in ConocoPhillips and JPMorgan Chase. The Motley Fool has positions in and recommends Goldman Sachs Group and JPMorgan Chase. The Motley Fool recommends ConocoPhillips and Occidental Petroleum. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

JPMorgan Says Oil Prices Still Have Room to Run. Here's What Energy Investors Need to Know.

JPMorgan’s JPM first-quarter 2026 results, announced on April 14, were impressive. The company’s top and bottom-line numbers outpaced the Zacks Consensus Estimate, aided by a record Markets performance, robust IB business and higher net interest income (NII).
In the Commercial & Investment Bank (CIB) segment, Markets revenues rose 20% year over year to $11.6 billion, supported by gains in both Fixed Income Markets and Equity Markets. Investment banking (IB) revenues in the CIB segment rose 38% to $3.14 billion, driven by higher advisory and equity underwriting fees, partly offset by lower debt underwriting fees. Likewise, NII was up 9% to $25.37 billion on a reported basis, driven by higher deposit balances and higher revolving balances in Card Services, partly offset by the impact of lower rates.
Against such a robust performance, JPMorgan stock currently trades at a discount to the industry. The stock is trading at a price-to-tangible book (P/TB) of 3.03X, below the industry’s 3.15X.
JPM’s P/TB
Image Source: Zacks Investment Research
If we compare JPMorgan’s current valuation with two of its closest peers – Bank of America BAC and Citigroup C – it appears expensive. At present, Bank of America has a P/TB of 1.89X, while Citigroup is trading at a P/TB of 1.35X.
Despite being a prominent name in the U.S. banking sector, JPM’s not-so-favorable valuation compared with its peers may compel investors to stay away from the stock despite its robust quarterly performance. Similar to JPMorgan, the quarterly performance of Bank of America and Citigroup was strong. Both recorded an increase in earnings and revenues on a year-over-year basis and outpaced the Zacks Consensus Estimate on the back of higher NII and a solid capital markets business.
Coming back to JPM, should investors buy the stock solely because of its inexpensive valuation? Not necessarily. While valuation is an important consideration, it cannot be the only factor driving an investment decision. Investors must also assess the underlying fundamentals, earnings potential and long-term prospects before deciding whether the stock deserves a place in their portfolio.
Beyond Robust Q1 2026: Other Factors at Play for JPMorgan
NII Trajectory: Last year, the Federal Reserve lowered interest rates by 75 basis points (bps), following a 50-bp cut in 2024. Although lower rates remain a headwind for JPMorgan’s asset-sensitive balance sheet, balance sheet growth and higher revolving card balances are still expected to support continued NII expansion. This dynamic was evident in first-quarter 2026 results too.
Building on this, JPMorgan now expects NII for 2026 to be approximately $103 billion, or up more than 7% year over year. Previously, the company targeted NII to be $104.5 billion. NII excluding Markets is expected to be almost $95 billion (unchanged from the prior guidance). This implies that Markets NII are likely to witness weakness later this year after a robust performance in the first quarter.
Unlike JPM, Bank of America expects its 2026 NII to increase 6-8% year over year, higher than its prior outlook of 5-7%, supported by deposit stability, modest loan growth and a more favorable rate backdrop. Meanwhile, Citigroup continues to guide 5-6% NII growth this year, after delivering 11% year-over-year growth in 2025. The bank’s outlook is underpinned by a steadier rate environment and constructive balance sheet trends.
Fee Income to Witness More Upside: Easier monetary policy will lift client activity, deal flow and asset values, supporting a broad rebound in JPMorgan’s non-interest income. Lower borrowing costs are expected to encourage corporate financing, including debt issuance, M&As and equity offerings, extending the recovery in capital markets after a subdued 2022-2023. JPMorgan’s leading investment banking (IB) franchise (ranked #1 globally with a 9.8% wallet share in the first quarter of 2026) positions it to capture a larger share of advisory and underwriting fees as conditions become more supportive, though macroeconomic and geopolitical uncertainty remains a key risk.
Rate transitions have heightened volatility in fixed income, currencies and commodities, thus boosting client hedging and trading activity. With a top-tier trading platform, JPMorgan is positioned to benefit from stronger FICC and equities volumes as investors reposition for a lower-rate environment, even as trading activity normalizes over time.
In wealth and asset management, declining yields often shift investor preferences toward equities and alternatives, helping drive market appreciation, inflows and higher fees. Improved sentiment should support growth in assets under management and fee revenues across JPMorgan’s private banking and wealth platforms.
Branch Openings & Opportunistic Acquisitions: With 5,095 branches as of March 31, 2026, more than any other U.S. bank and a presence in all 48 contiguous states, JPM continues to invest in brick-and-mortar to strengthen its competitive edge in relationship banking, despite the digital shift. JPMorgan plans to open 500 more by 2027. These efforts will deepen relationships and boost cross-selling across mortgages, loans, investments and credit cards.
JPMorgan isn’t alone in branch expansion. Bank of America is growing its financial center network, with plans to open 150 more centers by 2027, despite most interactions being digital.
JPMorgan has expanded through strategic acquisitions, including a larger stake in Brazil’s C6 Bank, partnerships with Cleareye.ai and Aumni, and the 2023 purchase of First Republic Bank. These moves boosted profits and supported its strategy to diversify revenues and grow digital and fee-based offerings.
Tech Spendings: JPMorgan continues to view technology as a long-term growth driver rather than a discretionary expense. For 2026, management expects technology spending of about $19.8 billion, up 10% year over year, driven by business growth, demand for new capabilities, and higher infrastructure, software and hardware costs. While the bank is past peak infrastructure modernization, investment is now shifting toward modernizing applications and data to better capture AI-driven opportunities.
AI remains central to this strategy. JPM has expanded AI use cases across customer service, personalized insights and software development, helping improve efficiency and business outcomes. Its internal GenAI tools are also moving employees from experimentation to secure integration across workflows and applications.
Beyond AI, the bank is investing in blockchain, tokenization and broader platform innovation to strengthen payments, custody and client solutions, supporting long-term business growth.
Fortress Balance Sheet and Solid Liquidity: As of March 31, 2026, the company had total debt of $516.8 billion (the majority of this is long-term in nature). The company's cash and due from banks and deposits with banks were $312.1 billion on the same date. The company maintains long-term issuer ratings A-/AA-/A1 from Standard and Poor’s, Fitch Ratings and Moody’s Investors Service, respectively.
Hence, JPMorgan continues to reward shareholders handsomely. It cleared the 2025 stress test impressively and announced an increase in its quarterly dividend by 7% to $1.50 per share, as well as authorized a new share repurchase program worth $50 billion. As of March 31, 2026, almost $25.7 billion in authorization remained available.
Similar to JPM, Bank of America and Citigroup cleared the 2025 stress test. Following this, Bank of America raised its quarterly dividend 8% to 28 cents per share and authorized a new $40 billion share repurchase program. Citigroup also announced a dividend hike of 7% to 60 cents per share. It is continuing with the previously announced buyback plan, which had $0.5 billion worth of authorization remaining as of March 31, 2026.
Asset Quality: Lower rates will likely support JPMorgan's asset quality, as lower rates will ease debt-service burdens and improve borrower solvency. The overall effect is expected to be moderate and vary by loan segment and macro conditions. Variable-rate consumer and leveraged corporate portfolios might see the most direct benefit, reflecting the lower risk of near-term credit losses as rates fall.
JPMorgan expects that lower rates will help stabilize or even modestly improve overall credit performance, especially in consumer and corporate loan books, as long as the U.S. economy remains resilient. Hence, JPMorgan expects the card service NCO rate to be roughly 3.4%.
However, the ongoing Middle East conflict is likely to hurt JPMorgan’s asset quality at least in the near-term as it builds reserves to counter the fallout of rising prices.
How to Approach the JPMorgan Stock Now?
Since the start of the year, U.S. markets have remained subdued as shifting AI expectations, sticky inflation and geopolitical tensions (including the Middle East conflict) weighed on sentiment. JPMorgan has not been immune to these pressures.
This year, shares of JPMorgan have lost 3.3% against a 4.8% rise for the S&P 500 Index. Likewise, Bank of America has declined 4.4%, while Citigroup shares have gained 10.6%, in the same time frame.
YTD Price Performance
Image Source: Zacks Investment Research
Analysts are bullish on JPMorgan’s prospects, with earnings estimates for 2026 revised upward over the past month, while those for 2027 have been moved down marginally. The Zacks Consensus Estimate for JPM’s 2026 and 2027 earnings implies a 9.9% and 5.3% year-over-year increase, respectively.
Earnings Estimates
Image Source: Zacks Investment Research
JPMorgan continues to project non-interest expenses of $105 billion this year, up more than 9% from 2025. Apart from 10% increase in tech spending, primary reasons for higher expenses include an increase in growth and volume-related spending (like compensation costs, costs for branching/expansion and costs related to credit card business growth), structural inflation-related costs and general operating overhead expenses.
JPM benefited from strong Markets revenues, higher IB fees and a 9% rise in NII, underscoring the strength of its diversified franchise. However, the stock’s valuation is not compelling when compared with key peers. While JPM trades below the industry on a price-to-tangible book basis, it remains more expensive than Bank of America and Citigroup, both of which also delivered strong quarterly results.
Further, JPMorgan lowered its 2026 NII outlook to nearly $103 billion from the prior $104.5 billion view, indicating some moderation ahead. Elevated expenses, including higher technology, compensation, branch expansion and credit card-related costs, may also weigh on profitability. Given near-term macro, geopolitical and valuation concerns, investors should wait for a better entry point before adding JPMorgan shares to their portfolio.
At present, JPMorgan carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

JPM Off to a Solid 2026 Start: Should Investors Buy the Stock?

Key Points
Cybersecurity stocks are already down amid concerns about AI.
Bank CEOs and officials from the Federal Reserve and the Treasury Department recently met to discuss the risks of Anthropic's Mythos.
Cryptocurrency exchanges are always a big target for cybercriminals, and an advanced AI model could make them even bigger targets.
Recently, Anthropic announced that its latest artificial intelligence (AI) model, Mythos, is too capable to be released to the public, given its ability to find and exploit cybersecurity vulnerabilities. The company said that evolving AI is getting more capable and far more dangerous than before: "The fallout -- for economies, public safety, and national security -- could be severe."
Sounds intimidating. No wonder investors have already sent the share prices of some companies tumbling on this new threat, and more share-price drops could follow if bad actors or rogue nations use Mythos to cause havoc.
Will AI create the world's first trillionaire? Our team just released a report on the one little-known company, called an "Indispensable Monopoly" providing the critical technology Nvidia and Intel both need. Continue »
Three sectors that could be the most at risk for share-price disruption are cybersecurity, banking, and cryptocurrency stocks. And among these sectors, a handful of companies could potentially feel negative effects more acutely, including Okta (NASDAQ: OKTA), JPMorgan Chase (NYSE: JPM), and Coinbase (NASDAQ: COIN).
These companies aren't necessarily more vulnerable to cyberattacks from Mythos than any other company. But given their leading position in their respective markets, these companies' share prices could be especially vulnerable.
Okta and cybersecurity stocks are already reacting
Let's look at Okta as an example first. The company's core product is identity and access management (IAM) services that help its customers create a secure hierarchy of who is allowed to access certain files and data, and who isn't.
The company has more than 20,000 customers, many of which are prominent companies, and its share price tumbled after Mythos was first announced. If someone uses Mythos to exploit a security vulnerability after the AI model is officially released, investors would likely respond in the same way they did when it was first announced -- by selling off shares, causing the price to fall quickly.
Okta wouldn't be the only cybersecurity stock to drop, but investors may punish it more because it's a leading IAM company. The company's share price is already down about 24% over the past year, and it's unlikely that a major cyberattack using Mythos against any company would help ease investor sentiment in its stock.
The financial sector could feel the pinch, too
Next up is JPMorgan Chase. As the world's largest bank by market capitalization, JPMorgan could feel the impact of a financial breach caused by Mythos even if it's not the one that experiences it.
The bank is clearly taking the potential threats from Mythos seriously, with CEO Jamie Dimon recently saying that the new AI models make cybersecurity "worse" and that Mythos revealed that "a lot more vulnerabilities need to be fixed."
The bank also released its own paper highlighting Mythos' capabilities and dangers, and included one unnerving quote from Sam Bowman, an engineer at Anthropic: "Working with this model has been a wild ride. We've come a long way on safety but we still expect the next capability jump of this scale to be a huge challenge."
Not exactly reassuring, to say the least. JPMorgan and other bank stocks obviously have a lot at risk, and the fact that the U.S. Treasury Department and Federal Reserve recently met with the CEOs of nearly all major U.S. banks to discuss Mythos indicates just how serious a threat this could be.
JPMorgan could be ahead of its peers in security, but if someone uses Mythos to wreak havoc on any financial institution, the company's shares could dip on fears that the financial sector isn't as safe as once thought.
Coinbase and cryptocurrency stocks could slide on a breach
Cryptocurrency exchanges have been a big target for cybercriminals in the past, and if they end up using Mythos to make those breaches more common or harder to detect, then the share prices of Coinbase and other crypto exchanges could decline.
There are currently 9.2 million monthly transacting users on Coinbase, and the company has about $376 billion in assets on its platform. At this scale, Coinbase has a lot at stake.
Coinbases' head of cybersecurity, Philip Martin, recently told CNBC that the company is in "close communication with Anthropic" and the major crypto exchanges are likely taking a closer look at their security to ensure that any potential vulnerabilities are found.
But if someone uses Mythos to exploit any existing vulnerabilities on any crypto exchange, it's likely that shares of Coinbase could fall on fears that the company could be at risk, too.
Short-term volatility could be ahead
More than 40 companies have already received access to the preview version of Mythos, which Anthropic believes will help them find and fix existing vulnerabilities, as well as learn how to use Mythos to fight attacks.
Ultimately, Mythos could help companies -- including Okta, J.P. Morgan, and Coinbase -- become better at cybersecurity. But in the short term, I think crypto exchange, banking, and cybersecurity stocks could feel the pain if even just one major Mythos-related event occurs in the near future.
Should you buy stock in Okta right now?
Before you buy stock in Okta, consider this:
The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Okta wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.
Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $498,522!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,276,807!*
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*Stock Advisor returns as of April 27, 2026.
JPMorgan Chase is an advertising partner of Motley Fool Money. Chris Neiger has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends JPMorgan Chase and Okta. The Motley Fool recommends Coinbase Global. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

These Stocks Could Be Vulnerable if Anthropic's Mythos Goes Haywire

Key Points
Aschenbrenner has an OpenAI pedigree and $5.5 billion in his fund.
His stocks are focused on AI infrastructure.
He sees an AI revolution on the way, beyond what people are preparing for.
Leopold Aschenbrenner's venture fund, Situational Awareness, has become one of the most widely followed private funds today. It's named after a thesis he wrote that's available to read online, where he details his vision for artificial general intelligence (AGI).
"Everyone is now talking about AI, but few have the faintest glimmer of what is about to hit them," he wrote. "We will have superintelligence, in the true sense of the word." Aschenbrenner formerly worked at OpenAI, and he started the AGI-focused fund in 2024 with about $250 million.
Will AI create the world's first trillionaire? Our team just released a report on the one little-known company, called an "Indispensable Monopoly" providing the critical technology Nvidia and Intel both need. Continue »
As of the end of the first quarter, Situational Awareness had $5.5 billion in funds and 24 stocks. They're mostly AI support stocks, rather than the headline AI names like Nvidia and Broadcom.
Aschenbrenner is intimately familiar with the workings of AI development and has been ahead of the curve, and these stocks are all outperforming the S&P 500 this year. These are the top seven holdings.
1. Bloom Energy: 16%
Aschenbrenner has made Bloom Energy (NYSE: BE) his biggest bet. This energy company sells solid oxide fuel cell systems, otherwise known as Bloom Energy Servers, that produce reliable on-site electricity for various facilities. Although the company has been around for a long time, it's gotten a new lease on life since its products can power large data centers off the electricity grid.
Bloom Energy has joined the AI boom, and the stock is up 150% this year alone. Situational Awareness also owns Bloom Energy calls, a separate high-conviction take.
2. Lumentum Holdings: 8.7%
Lumentum (NASDAQ: LITE) provides optical infrastructure for data centers, cloud computing, and telecommunications. It makes laser and photonic equipment that speeds up data transfer, which is why it has become a core component of AI technology. Lumentum has also been in operation for many years, but AI infused new life into the company and the stock, and it's up 143% year to date.
3. CoreWeave: 7.9%
CoreWeave (NASDAQ: CRWV) is one of the fund's more well-known stocks for AI investors. The company, which is backed by Nvidia, operates cloud and data center infrastructure and enables customers to run training and inference for AI hyperscaler development more efficiently than using traditional cloud platforms.
CoreWeave stock is up 63% this year. The fund's second-largest position is actually CoreWeave calls, which account for 14% of the portfolio.
4. Core Scientific: 7.4%
Core Scientific (NASDAQ: CORZ) operates data centers, and it recently switched from mostly supporting cryptocurrency mining to supporting AI development. It has some serious funding from companies like JPMorgan Chase and Morgan Stanley as it builds out its infrastructure to meet high demand. Its stock is up 36% year to date.
5. Iren: 6%
Iren (NASDAQ: IREN) is another data center infrastructure provider, and it has also switched from cryptocurrency mining to AI development. It buys land to build data centers, and it focuses on power-connected properties. Because it owns and builds its own locations, it can also build according to client specifications.
Iren has the lowest year-to-date gains on this list at 29%, but it's up 772% over the past year.
6. Applied Digital: 5%
Applied Digital (NASDAQ: APLD) is also a more well-known AI stock, and it has also moved from crypto mining to AI (sensing a theme?) It develops custom data centers for clients and rents them out, and it's building out at a fast pace to meet incredible demand. It has a partnership with CoreWeave, which is one of its biggest clients.
Applied Digital stock is up 32% this year, and 715% over the past year.
7. Sandisk: 4.5%
Sandisk (NASDAQ: SNDK) is yet another AI infrastructure company, but it fills a different gap than most of the stocks on this list. Its NAND flash memory products resolve one of the biggest problems for technology companies by providing non-volatile memory, or continuous memory without a power source. It's also energy efficient and low cost.
Like some of these other stocks, it's a company that has reinvented itself to meet new AI needs for storage solutions, and its niche products are in high demand. Sandisk stock is up 284% this year and a whopping 2,800% over the past year.
Should you buy stock in Bloom Energy right now?
Before you buy stock in Bloom Energy, consider this:
The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Bloom Energy wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.
Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $500,572!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,223,900!*
Now, it’s worth noting Stock Advisor’s total average return is 967% — a market-crushing outperformance compared to 199% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors.
JPMorgan Chase is an advertising partner of Motley Fool Money. Jennifer Saibil has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Bloom Energy, Broadcom, JPMorgan Chase, Lumentum, and Nvidia. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Artificial Intelligence (AI) Prodigy Leopold Aschenbrenner's Situational Awareness Fund Owns Only 24 Stocks. These Are the Top 7 Holdings.

Key Points
Ethereum is part of something that's more exciting than Shiba Inu's cute dog mascot.
As major financial institutions explore blockchain adoption, Ethereum will play a starring role.
If your investments are keeping you up, consider ways to manage portfolio risk.
Shiba Inu (CRYPTO: SHIB) is one of several dog-themed cryptocurrencies that came to prominence in the meme coin frenzy of 2021. Meme coins are often based on online jokes or prominent figures and can attract strong communities. They are also highly volatile, speculative, and often lack underlying value or use cases.
Shiba Inu has shown surprising staying power. Six years after its launch, it is still in the top 50 cryptocurrencies by market cap -- even if it has fallen a whopping 93% from its all-time high. It also boasts more utility than some of its meme buddies, with a decentralized exchange where users can swap coins and tokens, a wallet, and acceptance by some retailers.
Will AI create the world's first trillionaire? Our team just released a report on the one little-known company, called an "Indispensable Monopoly" providing the critical technology Nvidia and Intel both need. Continue »
The trouble is, when it comes to usage and growth potential, both of which underpin long-term value, Shiba Inu is not even in the same league as cryptocurrencies like Ethereum (CRYPTO: ETH). Shiba Inu is like a dirt track on the way to an abandoned farmhouse, while Ethereum is a mega highway leading to a shiny skyscraper.
Rather than criticizing Shiba Inu, it makes more sense to focus on why the next few years could be monumental for Ethereum, which looks undervalued at a recent price of about $2,300. It has fallen by roughly 40% in the past six months, but it has the potential to erase those losses and set new highs.
Ethereum could power mainstream crypto adoption
When I first started writing about cryptocurrency, it was almost inconceivable that Visa or Mastercard might integrate blockchain into their operations or that big names in finance like JPMorgan Chase and Fidelity Investments would launch on-chain investment funds. Today, those things have happened, and there's more to come.
For example, Nasdaq just got the green light from the Securities and Exchange Commission (SEC) to launch tokenized securities for certain companies. Asset tokenization is a way to record ownership on the blockchain and can apply to anything of value, from stocks to art or real estate. The big advantages are increased accessibility, 24/7 trading, and faster settlement.
Ark Invest, the innovation-focused investment firm, may be a bit wide-eyed when it suggests the tokenization market could grow from $19 billion today to $11 trillion by 2030. Still, if stock exchanges, payment providers, and financial institutions move payments and asset ownership onto the blockchain, cryptocurrencies could start to handle trillions of dollars in assets.
Ethereum, which has a reputation for security and reliability and currently accounts for 55% of all real-world asset tokenization, is in the pole position to benefit from that shift. The volume of transactions could easily skyrocket, alongside transaction fees and, ultimately, Ethereum's price. Shiba Inu is nowhere to be found in this convergence of crypto and traditional finance.
No investment should keep you up at night
If you are losing sleep over your holdings, it's probably time to reevaluate your risk level. It is important to build a balanced portfolio with a mix of assets and a risk level you can tolerate. All investments carry risk, and even established cryptocurrencies like Ethereum are a speculative way to build wealth. This is an evolving industry, and all kinds of things, including security breaches, regulatory changes, and alternative technologies, could hamper its development.
Although I am excited about Ethereum's potential and the ways tokenization could transform the financial industry's infrastructure, crypto still makes up only about 5% of my total investments. I'm optimistic, but it is early days, and I don't want my financial well-being to be too dependent on an asset that can tank 20% in a month.
Should you buy stock in Ethereum right now?
Before you buy stock in Ethereum, consider this:
The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Ethereum wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.
Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $500,572!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,223,900!*
Now, it’s worth noting Stock Advisor’s total average return is 967% — a market-crushing outperformance compared to 199% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors.
JPMorgan Chase is an advertising partner of Motley Fool Money. Emma Newbery has positions in Ethereum. The Motley Fool has positions in and recommends Ethereum, JPMorgan Chase, Mastercard, and Visa. The Motley Fool recommends Nasdaq. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Forget Shiba Inu: This Safer Cryptocurrency Will Help You Sleep At Night

Looking today at week-over-week shares outstanding changes among the universe of ETFs covered at ETF Channel, one standout is the Bahl & Gaynor Income Growth ETF (Symbol: BGIG) where we have detected an approximate $182.5 million dollar inflow -- that's a 8.5% increase week over week in outstanding units (from 61,962,547 to 67,242,547). Among the largest underlying components of BGIG, in trading today Johnson & Johnson (Symbol: JNJ) is down about 0.9%, PNC Financial Services Group (Symbol: PNC) is off about 1.3%, and JPMorgan Chase & Co (Symbol: JPM) is lower by about 0.7%. For a complete list of holdings, visit the BGIG Holdings page » The chart below shows the one year price performance of BGIG, versus its 200 day moving average:
Looking at the chart above, BGIG's low point in its 52 week range is $28.4305 per share, with $34.8828 as the 52 week high point — that compares with a last trade of $34.44. Comparing the most recent share price to the 200 day moving average can also be a useful technical analysis technique -- learn more about the 200 day moving average ».
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Exchange traded funds (ETFs) trade just like stocks, but instead of ''shares'' investors are actually buying and selling ''units''. These ''units'' can be traded back and forth just like stocks, but can also be created or destroyed to accommodate investor demand. Each week we monitor the week-over-week change in shares outstanding data, to keep a lookout for those ETFs experiencing notable inflows (many new units created) or outflows (many old units destroyed). Creation of new units will mean the underlying holdings of the ETF need to be purchased, while destruction of units involves selling underlying holdings, so large flows can also impact the individual components held within ETFs.
Also see:
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.