JPMorgan Chase CEO Jamie Dimon says he’s “far more worried” about a potential stock market crash than most of Wall Street and that it could happen in the next six months to two years.
“I would give it a higher probability than I think is probably priced in the market and by others,” Dimon told the BBC in a wide-ranging interview.
“So if the market’s pricing in 10%, I would say it is more like 30%.”
Dimon said “a lot of things” were creating an atmosphere of uncertainty, including the geopolitical environment, global remilitarization, and fiscal spending.
“All these things cause a lot of issues that we don’t know how to answer,” he said. “So I say the level of uncertainty should be higher in most people’s minds than what I would call normal.”
The stock market keeps setting records with excitement about the artificial intelligence industry leading the way.
The S&P 500 climbed 0.4% to set an all-time high following mixed trading on Monday. The Dow Jones Industrial Average dipped 63 points, or 0.1%, while the Nasdaq composite rose 0.7% to its own record.
A frenzy around AI has been one of the main reasons Wall Street has been hitting record after record, though that’s also raising worries that prices have potentially shot too high.
Much of the furor around AI in the past couple weeks has come from OpenAI, which has quickly grown into a $500 billion company.
It’s been announcing deals with businesses around the world to develop more AI infrastructure.
On artificial intelligence, Dimon said AI is “real,” and “AI in total will pay off.”
“Just like cars in total paid off, and TVs in total paid off, but most people involved in them didn’t do well,” he told the BBC.
Some of the money being invested in AI, though, will “probably be lost,” he added.
Dimon earlier this year warned about U.S. military readiness in the face of growing global tensions, particularly involving a potential conflict with China.
In May, at the Reagan National Defense Forum in California, he said the U.S. should prepare for war, not a bitcoin-driven future. He echoed that sentiment in his interview with the BBC.
“People talk about stockpiling things like crypto. I always say we should be stockpiling bullets, guns, and bombs,” Dimon said.
“The world’s a much more dangerous place, and I’d rather have safety than not.”
On India and U.S. trade relations, he told the news outlet he believed a deal was close.
“In fact, I’ve spoken to several of [President Donald Trump’s] officials who say they want to do that, and I’ve been told that they are going to do that,” he said.
The Associated Press contributed to this report.
© 2025 Newsmax. All rights reserved.
