November 2025 - Magazine - Page 65
November 2025
boom (and subsequent bust) of the late 1990s - and warned that the value of AI tech
companies "appear stretched" with a rising risk of a "sharp correction". "The way I look at it
is AI is real, AI in total will pay off," he said. "Just like cars in total paid off, and TVs in total
paid off, but most people involved in them didn't do well." He added some of the money
being invested in AI would "probably be lost".
Bullets, guns and bombs
Global security has been a
recent focus for the JP Morgan boss, with his letter to
shareholders earlier this
year warning the US would
run out of missiles in seven
days of a South China Sea
war.
Reflecting on how the
world could combat risk
factors, he pointed to
greater military investment.
"People talk about stockpiling things like crypto, I always say we should be
stockpiling bullets, guns and
bombs. "The world's a much
more dangerous place, and I'd rather have safety than not."
Another risk factor which many in the global economy believe the US could be facing is
pressure placed on the independence of the Federal Reserve, America's central bank. On
this, he said he thought central bank independence was important - but was willing to
take Trump "at his word" that he would not interfere in Fed independence, despite the
president describing current Fed chair Jerome Powell as a "moron" and a "numbskull" for
failing to lower interest rates more quickly. Dimon acknowledged the US had become a
"little less reliable" but said that some of the Trump administration's action had pushed Europe to act over underinvestment in Nato and its lack of economic competitiveness.
Dimon also shared insights into a potential breakthrough in trade negotiations between
India and the US. He said he wanted to "bring India closer" and he believed a deal was
close to reduce additional tariffs on India, which were imposed as a penalty for its continued trade with Russia, particularly its oil purchases. "In fact, I've spoken to several of the
Trump officials who say they want to do that, and I've been told that they are going to do
that."
Jamie Dimon's name has been frequently mentioned among the big financial players capable of making a transition into politics. Ahead of Trump's re-election last year, influential
investor Bill Ackman said he would be an "incredible choice" as treasury secretary, and he
has also been the subject of speculation about a potential presidential run. Asked about
his political ambitions, Dimon said it "wasn't on the cards", and his focus was on keeping JP
Morgan as a "healthy and vibrant company". "If you gave me the presidency, I'd take it,"
he joked. "I think I'd do a good job."
