Dimon Warns $700 Billion AI Boom Masks Global Risks as S&P 500 Climbs Nearly 80%

2 articles · Updated · Fortune · Jun 21

Jamie Dimon said he is surprised by stock-market complacency, warning a bull run could become a "little tsunami" despite rising risks tied to Ukraine, Iran, Russia, China and oil shocks.
Those concerns focus on the longer-term economy rather than immediate data: Dimon said geopolitical "tectonic plates" could reshape growth a year or more from now.
Wall Street optimism has held because AI capital spending is running at about $700 billion this year, U.S. unemployment is 4.3%, and GDP growth is near 2%.
The S&P 500 has gained nearly 80% and the Nasdaq more than 86% over five years, showing how markets have kept climbing through pandemic, war, inflation and the latest Middle East conflict.