Jamie Dimon, CEO of JPMorgan Chase & Co., has cautioned that U.S. equities could face a “serious fall” within the next six months to two years, pointing to rising geopolitical and economic uncertainties.
In an interview with the BBC, Dimon said he was “far more worried than others” about the potential for a major decline in U.S. stocks, citing “a lot of things out there” that are creating instability. Among these concerns, he highlighted mounting geopolitical tensions, strained fiscal positions, and global remilitarization, which he described as “a lot of issues that we don’t know how to answer.”
Dimon also raised concerns about the current surge in investments tied to artificial intelligence, warning that some of this capital would “probably be lost.” AI has been a key driver of market gains this year, particularly benefiting large-cap technology companies with heavy exposure to the sector.
His remarks come as many investors and institutions draw parallels between the present AI boom and the dot-com bubble of the late 1990s. Earlier this week, the Bank of England warned that valuations in AI-focused firms appear “stretched” and could face a “sharp correction.” Despite these concerns, Dimon maintained a longer-term optimistic stance, telling the BBC he believes “AI in total will pay off.”
On Thursday, U.S. stock futures were mixed as traders digested the recent AI-fueled rally and the minutes from the Federal Reserve’s latest meeting. In the prior session, the S&P 500 and Nasdaq Composite closed at record highs.
Dimon also commented on political pressure facing the Fed. Although U.S. President Donald Trump has repeatedly urged the central bank and Chair Jerome Powell to cut rates aggressively, Dimon said he was willing to take Trump “at his word” that he would not interfere with the Fed’s independence. He stressed that maintaining the central bank’s autonomy remains critical to sound monetary policy.
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