WEBVTT - JPMorgan Chase Chair and CEO Jamie Dimon Talks Market Exuberance

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<v Speaker 1>Bloomberg Audio Studios, podcasts, radio news.

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<v Speaker 2>I could not be more happy to be here in

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<v Speaker 2>Paris with Jennie Diamond, of course, at JP Morgan Global

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<v Speaker 2>Markets Conference. Mister Diamond, thank you for having us, Thank

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<v Speaker 2>you for being our host here in Paris. I mean

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<v Speaker 2>there's a lot writing. Look, the markets are optimistic. They're

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<v Speaker 2>optimistic that there's some kind of resolution in the Middle East?

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<v Speaker 2>Are they overlooking the worries about inflation?

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<v Speaker 1>So verd You're welcome, happy to be here.

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<v Speaker 3>I think there's a little bit too much exuberant out there,

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<v Speaker 3>and not just the Middle East. It's you know, it's Ukraine, Russia,

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<v Speaker 3>still there, America, China. There are a lot of these complex

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<v Speaker 3>issues which may make out at the market, but then

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<v Speaker 3>they're issues like inflation.

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<v Speaker 1>You know that today's print wasn't so good.

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<v Speaker 3>So yeah, I think the market's kind of exuberant and

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<v Speaker 3>it may not be completely justified.

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<v Speaker 2>So why are they so exuber did there exuberant? Are

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<v Speaker 2>you expecting a correction? And is it because they're looking

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<v Speaker 2>at AI?

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<v Speaker 1>Well, I don't think to say.

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<v Speaker 3>I think corporate property is doing very well. HEYI will

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<v Speaker 3>be a plus this year is just a lot more spending,

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<v Speaker 3>which maybe a little inflationary too, but in more corpate profits,

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<v Speaker 3>you know, we're doing a little bit more.

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<v Speaker 1>Q E. Governments still spend a lot of money.

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<v Speaker 3>The one big beautiful bills kicking in stimulus are upsetting

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<v Speaker 3>a lot of the gas. I think the gas increase

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<v Speaker 3>a dollar gas is one.

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<v Speaker 1>Hundred million dollars.

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<v Speaker 3>The big, one big bout of bills through one hundred

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<v Speaker 3>billion that consumers pay, the one big group of bills.

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<v Speaker 1>Three hundred billion. Deregulation is real.

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<v Speaker 3>There are these things as you're causing a pretty good

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<v Speaker 3>market right now.

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<v Speaker 2>But when you talk about exuberance, it means that there's

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<v Speaker 2>a market dislocation.

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<v Speaker 3>But where do you see that these dock markets in

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<v Speaker 3>the top ten fifteen percent credits breads are very low.

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<v Speaker 3>The general is sum of things that these things.

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<v Speaker 1>Are older to resolved. And I'm just I'm kind of

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<v Speaker 1>a skeptic. I don't know. I hope they do, but

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<v Speaker 1>I don't know that they will.

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<v Speaker 2>Okay, what do chief executives worry about in private that

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<v Speaker 2>they tell you that they won't tell us.

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<v Speaker 1>Not much? Trade?

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<v Speaker 3>You know, America, NATO, the wars, oil prices, I mean,

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<v Speaker 3>the same stuff you hear about.

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<v Speaker 4>All time capex.

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<v Speaker 2>I know, you know, we had a great earning season.

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<v Speaker 2>Is the next one going to be less good?

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<v Speaker 3>I don't know yet, very hard to tell, you know.

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<v Speaker 3>I think the definicit spending drives a lot of drives

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<v Speaker 3>a lot.

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<v Speaker 1>Of corporate earnings too, So it's and drives a lot

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<v Speaker 1>of capex.

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<v Speaker 3>And you know, well capex great productivity before it creates inflation.

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<v Speaker 1>I don't know that. I think one of the risks

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<v Speaker 1>is inflation. I've always thought that.

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<v Speaker 2>And so but also, how do you think of oil

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<v Speaker 2>and how do you think about what's.

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<v Speaker 4>Happening in the Middle East?

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<v Speaker 2>If this lasts three weeks, four weeks, even like two months,

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<v Speaker 2>are we going to be in trouble.

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<v Speaker 3>It's a big deal, and every day it gets a

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<v Speaker 3>little bit worse.

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<v Speaker 1>I don't know. House me resolved.

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<v Speaker 3>I hope it gets resolved in the interests of the

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<v Speaker 3>United States and against the Iranian regime.

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<v Speaker 1>Not the Iranian people. But I don't know. But I've

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<v Speaker 1>read something day.

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<v Speaker 3>It's very interesting that China reduced their demand by five billion,

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<v Speaker 3>by five.

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<v Speaker 1>Million barrels a day.

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<v Speaker 3>America increases export quite three million barrels a day. That

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<v Speaker 3>million is meant for a lot of what was lost,

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<v Speaker 3>and which is maybe why it hasn't been as severe

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<v Speaker 3>as people think. On the other hand, inventories are coming down,

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<v Speaker 3>you know, gas wells have to be closed and stuff

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<v Speaker 3>like that. So it gets gets a little more serious

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<v Speaker 3>every day that day that it can becomes. The disaster

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<v Speaker 3>has been pushed out quite further than we thought at

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<v Speaker 3>the beginning.

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<v Speaker 4>Do you worry about the US consumer?

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<v Speaker 2>Are you seeing signs of stress anywhere now?

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<v Speaker 3>I think the upper end, the top fifty percent, lots

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<v Speaker 3>of money, jobs, ways going up. Home price is going up,

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<v Speaker 3>doc pribies going up. There spending like they should, you know,

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<v Speaker 3>like they're buying the traveling. The bottom thirty percent is

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<v Speaker 3>I'm gonna say, its struggling a little bit. It's not

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<v Speaker 3>a massive downturn, and of course we'd like to help them,

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<v Speaker 3>but their wages have not gone up. But more important

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<v Speaker 3>that they still have jobs and they don't have too

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<v Speaker 3>much debt. They still have jobs, and that you know,

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<v Speaker 3>at the end of the day, it's going to drive

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<v Speaker 3>consumer spending, consumer sentiment, that part of corporate profits.

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<v Speaker 1>Will be jobs.

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<v Speaker 2>What do you worry about? I know there's also the

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<v Speaker 2>President's meeting with President tomorrow in Beijing. I mean, does

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<v Speaker 2>that have implications for the trajectory of America.

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<v Speaker 3>Look, I don't know, but I would suspect they'll come

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<v Speaker 3>up with some that'll be a friendly meeting with some

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<v Speaker 3>positives on both sides.

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<v Speaker 1>I don't think China is going to give it any

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<v Speaker 1>major demands. I don't think we're going to make major demands.

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<v Speaker 3>You know, we both have a lot of common interest,

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<v Speaker 3>you know, anti terrorism, anti nuclear pliferation. You know, China

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<v Speaker 3>is feeling its oats and now you have to deal

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<v Speaker 3>with President Trump.

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<v Speaker 1>So we'll see how it turns out.

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<v Speaker 2>You had an amazing trading actually results trading was amazing

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<v Speaker 2>in the last quarter.

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<v Speaker 4>How's it going now?

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<v Speaker 3>Well, I can't comment on that, but I mean from

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<v Speaker 3>the last time Choice spoke publicly, it was fine so far.

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<v Speaker 1>But I can't give you other information on that though.

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<v Speaker 3>Give me a sense when you guys can see every

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<v Speaker 3>day volumes are right, yeah, and MBARI's high.

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<v Speaker 1>All things mean equal.

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<v Speaker 2>It would be good for trading, But you're part I mean,

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<v Speaker 2>it's it's you think it's going okay, because it depends

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<v Speaker 2>on the kind of training that.

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<v Speaker 1>You are right, you will benefit it's gonna be very good.

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<v Speaker 2>Talk to me about AI. So I don't know whether

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<v Speaker 2>you've also played around with mythos.

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<v Speaker 4>What did you see so AI?

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<v Speaker 3>The big picture, AI is going to cure cancers and

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<v Speaker 3>reduce work weeks and kids will live longer, and claims

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<v Speaker 3>to be safer, carsibly safer and lets people die and

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<v Speaker 3>you'll have new drugs.

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<v Speaker 1>It's it's gonna be good. Uh.

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<v Speaker 3>And you know, but there and we've been using now

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<v Speaker 3>for thirteen years. It does an amazing job and a

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<v Speaker 3>various different things. So we're gonna deploy it to help

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<v Speaker 3>our customers. There are two attributes which that people worry about.

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<v Speaker 3>What is my Thoase it's legitimate that this this is

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<v Speaker 3>so powerful and covers a lot of vulnerabilities and we're

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<v Speaker 3>all trying to figure out how to deal with They're

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<v Speaker 3>not just for ourselves but all of our friends, big banks,

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<v Speaker 3>small banks, you know, telecom, the garments on top of it.

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<v Speaker 3>But a lot of the words that I've be done

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<v Speaker 3>by enterprise. They don't have the ability to do a

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<v Speaker 3>lot of that. So I think, you know, Scott message

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<v Speaker 3>running for our banks, and I assume they've done it

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<v Speaker 3>for other people elsewhere.

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<v Speaker 1>So we're all gonna hands around.

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<v Speaker 3>It is risky everyone, and we actually published and people

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<v Speaker 3>should look at this like, oh, listen, what you can

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<v Speaker 3>do now? Don't wait to get mite those because everyone's

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<v Speaker 3>going to get it at one point.

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<v Speaker 1>But you can't give to everyone. They can't handle it.

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<v Speaker 3>Where it gets leaked out, it can be used by

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<v Speaker 3>bad guys. Before we protected open source code and all

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<v Speaker 3>our code and so we need a little work to

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<v Speaker 3>do to get it done right. And the other one

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<v Speaker 3>is his job disruption, where I just that may be true.

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<v Speaker 3>We should get prepared for it. We should be breathless,

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<v Speaker 3>you know. And that to me is how do you

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<v Speaker 3>create skills and reskilling. There will be a lot of

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<v Speaker 3>jobs and AI cyber advanced manufacturing the trades, you know.

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<v Speaker 3>And then we should make sure locally and it's I

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<v Speaker 3>mean between government and business kind of collaboration that we

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<v Speaker 3>are prepared if it have it too much, stop talking

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<v Speaker 3>about it, have a plan.

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<v Speaker 2>But my thoughts wood, does it change the way that

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<v Speaker 2>banks have to defend themselves? Are you thinking about cybersecurity.

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<v Speaker 3>Differently cyb No, Banks's always been on top of the

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<v Speaker 3>top of the heat during cybersecurity.

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<v Speaker 1>I wrote about my Chaman's letter, cyber.

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<v Speaker 3>Is our biggest risk, made worse by AI, and that

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<v Speaker 3>was before Mythos. So this, yeah, this does make it

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<v Speaker 3>more dangerous. That's why banks are really working this thing

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<v Speaker 3>right now. And all right, all of us together, we're collaborating.

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<v Speaker 3>We're not like arguing with each other.

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<v Speaker 4>What does that mean? What does that actually look like? Concretely?

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<v Speaker 4>Five six months, all going.

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<v Speaker 3>Through all applications with Mythos patching them up, all going

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<v Speaker 3>through open source code, a lot of flaws and open

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<v Speaker 3>source code. We don't need to all fix the same

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<v Speaker 3>open source code. If you fix one, I can fix

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<v Speaker 3>the other. Cut with collaborations, trying to think out how

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<v Speaker 3>to form utilities to help third parties, going to our

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<v Speaker 3>critical vendors, you know, including hooked into exchanging around the world,

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<v Speaker 3>making sure they're doing it properly. And there are other

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<v Speaker 3>things like how do you know a patch used to

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<v Speaker 3>be posted publicly into a patch? Fix that patch now

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<v Speaker 3>you have to be able to fix the patch of

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<v Speaker 3>hours and some you can't make public. But you make

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<v Speaker 3>it public, the bad guys will get it reverse engineered

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<v Speaker 3>and get grow. So if we're doing all that stuff,

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<v Speaker 3>it's serious work. I think hundreds of people doing it

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<v Speaker 3>full time.

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<v Speaker 2>Now, look hyper scalers and also funding of hyper scalers

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<v Speaker 2>is really propping up the economy.

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<v Speaker 4>Do you have any worries about getting that.

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<v Speaker 2>Money back or you know, some of the funding of

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<v Speaker 2>what's being constructed.

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<v Speaker 3>The way I look at it is that AI is real,

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<v Speaker 3>A lot of money's going to go into it.

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<v Speaker 1>That doesn't mean everyone who does it is gonna be

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<v Speaker 1>a winner.

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<v Speaker 3>Like go back to the Internet, a lot of people lost,

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<v Speaker 3>a lot of people won, and so you know, and

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<v Speaker 3>the hyper skals, were those data centers not find use?

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<v Speaker 3>They probably will, But is it possible that some do

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<v Speaker 3>it badly, design it badly, didn't get the right Yeah,

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<v Speaker 3>of course it's possible.

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<v Speaker 1>Yeah.

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<v Speaker 2>Does AI change the way you recruit, the way you hire,

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<v Speaker 2>and the.

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<v Speaker 4>Way you work.

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<v Speaker 3>I think it's gonna change almost everything. And I've done

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<v Speaker 3>my own stuff and getting.

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<v Speaker 1>Reports in the morning.

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<v Speaker 3>I have a Jamie Strategic Intelligence reports getting better, so

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<v Speaker 3>I could say what did Francine say yesterday? And every

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<v Speaker 3>morning at five, AMI tell me what you had on

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<v Speaker 3>your people that might be significant to me, and then

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<v Speaker 3>you can keep it educating it. That's not important. This

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<v Speaker 3>is important. What's significant. So yeah, we're all going to

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<v Speaker 3>use it in different ways, but we will use it.

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<v Speaker 3>It won't change my day to day. It will inside

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<v Speaker 3>the company because we deploying it, you know, in a

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<v Speaker 3>thousand different use cases.

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<v Speaker 1>Today it's much better off.

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<v Speaker 2>Just watching Bloomberg talk to me about the UK. So

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<v Speaker 2>there's a lot of you know, the markets are on

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<v Speaker 2>tenter hooks to know whether the Prime minister survives. We

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<v Speaker 2>don't exactly know what comes next. The markets are nervous.

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<v Speaker 2>What does it mean for JP Morgan in London?

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<v Speaker 3>Well, look, we've had ups and downs in markets and

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<v Speaker 3>ups and down politicians, so it's not going to change

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<v Speaker 3>our fundamental strategy. I would say that Europe, including the UK,

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<v Speaker 3>know what to do and it's the Droggy requirement. There

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<v Speaker 3>are three hundred items in there, common capital markets, common

0:09:54.640 --> 0:09:58.040
<v Speaker 3>regulations allowing cross border in this In the inn EU,

0:09:58.520 --> 0:10:02.800
<v Speaker 3>competition is huge, regulatory not terif but regulatory burdens.

0:10:03.000 --> 0:10:04.719
<v Speaker 1>They need to do the same in the UK. I

0:10:04.840 --> 0:10:07.760
<v Speaker 1>think Keres Stormer is a very smart guy. Politics is

0:10:08.000 --> 0:10:08.560
<v Speaker 1>really tough.

0:10:08.960 --> 0:10:11.559
<v Speaker 3>They're in a bind because of debts and deficits, and

0:10:11.880 --> 0:10:13.319
<v Speaker 3>you know they inherited a lot of that.

0:10:13.640 --> 0:10:16.560
<v Speaker 1>I think the world of racial reeves and they got

0:10:16.679 --> 0:10:18.240
<v Speaker 1>to be tough. They got to say we're going to

0:10:18.280 --> 0:10:18.840
<v Speaker 1>do these things.

0:10:19.080 --> 0:10:21.640
<v Speaker 3>And the short term may not be great, but governments

0:10:21.720 --> 0:10:23.559
<v Speaker 3>have to get this stuff done right. They growth the

0:10:23.600 --> 0:10:26.640
<v Speaker 3>economy and militarily, and I think they need to work

0:10:26.640 --> 0:10:29.479
<v Speaker 3>close with Europe. And you know, if you remember Kirstormer

0:10:29.559 --> 0:10:32.640
<v Speaker 3>and President McCrone, they were going to work closure, not reversion,

0:10:32.720 --> 0:10:37.160
<v Speaker 3>bregsit but you know, military alliances, intelligence alliances, making sure

0:10:37.200 --> 0:10:40.240
<v Speaker 3>the economies, you know, have economic lasership good for both

0:10:40.440 --> 0:10:41.880
<v Speaker 3>the continent and good for Europe.

0:10:42.120 --> 0:10:45.480
<v Speaker 2>With the UK, you're building a big mega project Canary

0:10:45.520 --> 0:10:48.360
<v Speaker 2>Wharf that everyone is quite excited about. Does this potential

0:10:48.440 --> 0:10:52.520
<v Speaker 2>politically instability actually change your view on everything or you know,

0:10:52.640 --> 0:10:53.680
<v Speaker 2>do you see costs going up?

0:10:53.760 --> 0:10:54.880
<v Speaker 4>Or are you worried about taxation?

0:10:55.200 --> 0:10:56.959
<v Speaker 1>Political instability?

0:10:57.080 --> 0:11:00.120
<v Speaker 3>But if they become hostile to banks again, yes, I

0:11:00.160 --> 0:11:02.440
<v Speaker 3>mean I've always objected to fact. You know, we didn't

0:11:02.559 --> 0:11:05.560
<v Speaker 3>damage the ukn anyway, and we paid probably ten billion

0:11:05.600 --> 0:11:07.920
<v Speaker 3>dollars vex to taxes by now. I don't think that's

0:11:08.000 --> 0:11:10.760
<v Speaker 3>right or fair. If that happens too much, we will reconsider.

0:11:11.520 --> 0:11:14.040
<v Speaker 2>Look, I know you've also looked a lot at Europe

0:11:14.160 --> 0:11:17.600
<v Speaker 2>and funding and you know, especially when it comes to security.

0:11:18.480 --> 0:11:21.360
<v Speaker 2>I mean, how much time are you spending making sure

0:11:21.440 --> 0:11:24.640
<v Speaker 2>that defense companies, that companies in Europe have enough funding

0:11:24.720 --> 0:11:27.240
<v Speaker 2>from Jaking Morgan to make sure that they can I

0:11:27.280 --> 0:11:28.000
<v Speaker 2>guess defend.

0:11:28.760 --> 0:11:30.960
<v Speaker 3>So we have this huge effort, you know, we deploy

0:11:31.920 --> 0:11:34.959
<v Speaker 3>over the years one point five trillion dollars to help,

0:11:35.480 --> 0:11:39.400
<v Speaker 3>not just as a resiliency, so there's even medicines and

0:11:40.040 --> 0:11:43.960
<v Speaker 3>rare which should be defense, semiconductory defense, but it's anything

0:11:44.000 --> 0:11:47.320
<v Speaker 3>that you need. Europe needs LNG. So we look at

0:11:47.360 --> 0:11:50.240
<v Speaker 3>that as resiliency for Europe, not elerg in America. But

0:11:50.360 --> 0:11:53.240
<v Speaker 3>shipping here is resiliency. So we we have professionals doing it.

0:11:53.280 --> 0:11:56.800
<v Speaker 3>We've got Unbelieva advisory Group. We've dedicated you know, thirty

0:11:56.840 --> 0:11:59.400
<v Speaker 3>forty people. We're doing research now which you might be

0:11:59.520 --> 0:12:02.760
<v Speaker 3>just in of course, the shipbuilding ecosystem, of course, the

0:12:03.040 --> 0:12:06.360
<v Speaker 3>active pharmaceutical system, the rare earth system. And then having

0:12:06.440 --> 0:12:09.360
<v Speaker 3>public policy which puts us in a better position. We

0:12:10.200 --> 0:12:12.760
<v Speaker 3>the democratic world should never have gotten here. We're so

0:12:12.960 --> 0:12:16.559
<v Speaker 3>reliant on other people, potential adversaries for rare earths, and

0:12:16.679 --> 0:12:18.439
<v Speaker 3>we did so. It don't quiet us build milk. But

0:12:18.679 --> 0:12:19.199
<v Speaker 3>let's fix it.

0:12:19.400 --> 0:12:20.560
<v Speaker 1>And we got to fix it right away.

0:12:20.760 --> 0:12:22.880
<v Speaker 2>And this is good for the US. Does the US

0:12:23.000 --> 0:12:24.080
<v Speaker 2>make stronger allies?

0:12:24.880 --> 0:12:26.840
<v Speaker 3>This is good for the US. And I think having

0:12:26.880 --> 0:12:29.040
<v Speaker 3>strong allergies good for US. So my view is we

0:12:29.200 --> 0:12:32.160
<v Speaker 3>need a stronger NATO. They're doing that, by the way,

0:12:32.240 --> 0:12:35.079
<v Speaker 3>so you know our president push them alive. Well, they're

0:12:35.080 --> 0:12:37.040
<v Speaker 3>all doing it, which is a good thing, but we

0:12:37.120 --> 0:12:37.960
<v Speaker 3>want to keep it together.

0:12:38.280 --> 0:12:38.840
<v Speaker 1>The goal of it.

0:12:38.800 --> 0:12:41.000
<v Speaker 3>Should be to have a stronger NATO, not a week

0:12:41.040 --> 0:12:41.360
<v Speaker 3>in NATO.

0:12:41.720 --> 0:12:43.280
<v Speaker 1>The goal and my view, if you.

0:12:43.320 --> 0:12:45.840
<v Speaker 3>Asked me what the goal should be of our economical

0:12:45.920 --> 0:12:48.439
<v Speaker 3>lady with Europe, should be having a stronger Europe. To

0:12:48.800 --> 0:12:52.040
<v Speaker 3>get you to help you do the drog report, and

0:12:52.120 --> 0:12:54.160
<v Speaker 3>I wrote my chairs like maybe a pipe dream that

0:12:54.240 --> 0:12:56.719
<v Speaker 3>if you did the Drag Report, I would give you

0:12:56.760 --> 0:12:59.319
<v Speaker 3>one big, beautiful free trade bill, That's what I would do,

0:13:00.040 --> 0:13:01.760
<v Speaker 3>you know, and then fix them. There are some stupid

0:13:01.760 --> 0:13:04.240
<v Speaker 3>trade issues, and fix them. But with both your calls

0:13:04.440 --> 0:13:06.040
<v Speaker 3>go better. If they grew better, it be good for

0:13:06.160 --> 0:13:08.640
<v Speaker 3>all the citizens, not just good for the big companies

0:13:08.679 --> 0:13:11.120
<v Speaker 3>and so and I think those two things are pillars

0:13:11.360 --> 0:13:14.080
<v Speaker 3>of keeping the world safe, free for democracy.

0:13:14.320 --> 0:13:16.360
<v Speaker 1>So They're not a minor thing. They're a major thing

0:13:16.400 --> 0:13:18.000
<v Speaker 1>you look at over twenty or thirty years.

0:13:18.200 --> 0:13:20.120
<v Speaker 4>So today, how would you fix the Middle East?

0:13:21.240 --> 0:13:21.920
<v Speaker 1>That I do not know?

0:13:22.880 --> 0:13:26.319
<v Speaker 3>You know, I when I hear a lot of politicians

0:13:26.320 --> 0:13:29.599
<v Speaker 3>and say there was no imminent threat from Iran, I

0:13:29.720 --> 0:13:33.280
<v Speaker 3>might that immediately gets my backup, because a threat is

0:13:33.320 --> 0:13:34.199
<v Speaker 3>when I'm threading.

0:13:33.960 --> 0:13:34.480
<v Speaker 1>To do some of you.

0:13:34.880 --> 0:13:38.360
<v Speaker 3>They've been raping, killing and murraying for forty seven years.

0:13:38.720 --> 0:13:42.280
<v Speaker 3>Why the Western world allowed proxy wars? I mean, we've

0:13:42.360 --> 0:13:44.240
<v Speaker 3>learned a lesson that we should have gone years ago

0:13:44.280 --> 0:13:45.040
<v Speaker 3>at the head of the stake.

0:13:45.600 --> 0:13:47.160
<v Speaker 1>We should have killed the head of the snake, you know.

0:13:47.320 --> 0:13:49.040
<v Speaker 1>And so now you.

0:13:49.080 --> 0:13:51.439
<v Speaker 3>Have more risk, but maybe more opportunity because people want

0:13:51.480 --> 0:13:52.360
<v Speaker 3>these to the Middle East.

0:13:52.600 --> 0:13:53.160
<v Speaker 1>You know, we have this.

0:13:53.480 --> 0:13:55.640
<v Speaker 3>It's a terrible situation. I don't know the outcome. I

0:13:55.720 --> 0:13:57.959
<v Speaker 3>hope there's a Plan C or a Plan B. I

0:13:58.160 --> 0:14:00.600
<v Speaker 3>want us to prevail in the way that makes sense.

0:14:00.840 --> 0:14:02.319
<v Speaker 3>I don't know what the right thing to do was,

0:14:02.480 --> 0:14:04.080
<v Speaker 3>but I'm not going to share and say they weren't

0:14:04.120 --> 0:14:04.520
<v Speaker 3>as ready, we.

0:14:04.520 --> 0:14:05.240
<v Speaker 1>Should have done nothing.

0:14:05.400 --> 0:14:08.240
<v Speaker 2>But today does the strain of horror movesment to reopen

0:14:08.280 --> 0:14:09.400
<v Speaker 2>almost at any costs.

0:14:10.600 --> 0:14:12.880
<v Speaker 1>It will eventually be open. I don't know. I don't know.

0:14:13.320 --> 0:14:15.720
<v Speaker 3>You know, you're talking about the military has been playing

0:14:15.760 --> 0:14:18.640
<v Speaker 3>for things like this for forty years. They have plans.

0:14:18.840 --> 0:14:20.880
<v Speaker 3>I don't know what those plans are, and you know,

0:14:20.920 --> 0:14:21.680
<v Speaker 3>I hope it works.

0:14:21.720 --> 0:14:22.280
<v Speaker 1>I just don't know.

0:14:22.880 --> 0:14:24.920
<v Speaker 4>I mean, what is the one thing you wishing you

0:14:25.040 --> 0:14:25.480
<v Speaker 4>now given?

0:14:25.680 --> 0:14:29.760
<v Speaker 2>I mean there's a lot of uncertainty in the world right, geopolitics, markets.

0:14:30.120 --> 0:14:32.640
<v Speaker 4>If you can know one thing for certain from the president,

0:14:32.720 --> 0:14:33.200
<v Speaker 4>what would it be.

0:14:34.120 --> 0:14:34.920
<v Speaker 1>Well, I don't know about that.

0:14:35.480 --> 0:14:37.400
<v Speaker 3>I just want to look. I just roll up my

0:14:37.440 --> 0:14:39.600
<v Speaker 3>sleeves and try to make it better. Bet it was,

0:14:39.760 --> 0:14:42.240
<v Speaker 3>so I don't guess for about one good thing or

0:14:42.480 --> 0:14:42.960
<v Speaker 3>something like that.

0:14:43.360 --> 0:14:45.760
<v Speaker 4>It's a complex. This is so noisy. It's like speaking

0:14:45.760 --> 0:14:48.200
<v Speaker 4>to you to Mexican or It's like it's quite fun.

0:14:48.320 --> 0:14:49.400
<v Speaker 1>You're doing a good job, though.

0:14:49.520 --> 0:14:49.800
<v Speaker 3>You too.

0:14:50.680 --> 0:14:52.840
<v Speaker 4>Thank you so much for joining us today. That was,

0:14:52.840 --> 0:14:55.680
<v Speaker 4>of course, a chief executive officer of JP Morgan