JPMorgan Chase delivered record net income of [MONEY value=”57000000000″ currency=”usd” notation=”long” replace=”false”] in 2025 on total net revenue of [MONEY value=”185000000000″ currency=”usd” notation=”long” replace=”false”] yet Jamie Dimon is still telling investors not to relax.
In his annual shareholder letter released on April 6, the CEO cast himself as the “skunk at the party,” and warned that some of the biggest risks to markets in 2026 are still being underpriced.
For investors, the message is simple: strong headlines do not cancel out fragile conditions beneath the surface.
What nobody may be pricing in
Dimon’s first big warning is geopolitical, but it lands directly in portfolio territory.
He said the war in Iran could bring “significant ongoing oil and commodity price shocks,” along with a reshaping of global supply chains.
In his view, that could lead to “stickier inflation” and ultimately higher interest rates than markets currently expect.
He added that if inflation starts rising rather than falling, it could push asset prices lower because rates act like gravity.
That matters most for parts of the market that depend on cheaper money.
Real estate, long-duration bonds and richly valued growth stocks tend to suffer when rates stay high or move higher.
Companies that rely on low financing costs can also feel the pinch quickly.
Asset prices are high and that’s the risk
Dimon’s second warning is broader, and in some ways more uncomfortable.
He wrote that “high asset prices, which certainly feel good in the short run, create additional risk if anything goes wrong.”
He also said inflation rising even gradually could cause interest rates to rise and asset prices to drop, potentially triggering a quick shift in sentiment and a “flight to cash.”
He tied that caution to private credit, a market he said now totals [MONEY value=”1800000000000″ currency=”usd” notation=”long” replace=”false”].
Dimon does not call it a systemic threat on its own, but he does warn that losses in a real credit cycle could be higher than expected.
That is a notable flag in a market many investors still treat as a relatively calm corner of finance.
AI will dislocate workers faster than many expect
Dimon’s third warning is about artificial intelligence, and it is more double-edged than the usual AI cheerleading.
He is clearly bullish on the technology itself.
He wrote that AI will affect “virtually every function, application and process” at JPMorgan, and said it will have a “huge positive impact on productivity.”
He also argued that AI is not a speculative bubble and will deliver real benefits.
But he paired that optimism with a sharper labor warning.
Dimon said AI “will definitely eliminate some jobs” even as it enhances others, and cautioned that AI deployment could move faster than workforce adaptation to new job creation.
In other words, the technology may spread more quickly than the economy can retrain, relocate, or absorb affected workers.
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