JPMorgan Chase CEO Jamie Dimon has issued a stark warning that US stock markets may face a significant correction within the next six months to two years, citing mounting global uncertainty and overheated valuations.

In an interview with the BBC, Dimon said he was “far more worried than others” about the potential for a market downturn, pointing to an array of risk factors including geopolitical tensions, soaring fiscal spending, and global remilitarization. “There are a lot of things out there causing issues that we don’t fully understand,” he said, adding that investor confidence may be overlooking deep structural risks.

The warning comes as the Bank of England drew parallels between today’s AI-driven stock rally and the dot-com bubble of the late 1990s, cautioning that valuations “appear stretched.” Dimon agreed that while artificial intelligence will be transformative long-term, “most people involved in it won’t do well,” noting that some AI-driven investments are likely to be wiped out.

Dimon — speaking in Bournemouth, where JPMorgan is investing £350 million in a new UK campus — also emphasized the growing fragility of global security. He argued that the US and its allies must prioritize military readiness amid rising global instability: “People talk about stockpiling crypto — I say we should be stockpiling bullets, guns, and bombs. The world’s a much more dangerous place.”

The banking chief reiterated his confidence in the Federal Reserve’s independence despite Donald Trump’s repeated attacks on Fed Chair Jerome Powell, whom Trump has criticized for not cutting rates faster. Dimon said he is “willing to take Trump at his word” that he will not interfere in Fed policy.

Dimon also hinted at a potential breakthrough in US–India trade negotiations, revealing that he’s spoken to Trump administration officials about rolling back tariffs on India as relations improve.

While Dimon downplayed speculation about a move into politics, he left the door slightly open — joking, “If you gave me the presidency, I’d take it. I think I’d do a good job.

Jamie Dimon’s warning adds a sober note to the euphoria dominating Wall Street. As markets celebrate record highs driven by AI and tech optimism, America’s most influential banker is reminding investors that late-cycle exuberance often ends the same way — with a correction few see coming.

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