JPMorgan CEO Jamie Dimon: The market is exuberant and it's not bad

Hinzugefügt: 2026-05-30

[00:00:00]Welcome back. Happening right now, our Morgan Brennan is sitting down with JP Morgan CEO Jamie Diamond live from the Reagan National Economic Forum in California. Let's listen to part of that conversation.

[00:00:13]>> Meanwhile, we do have equity markets at record highs. You've seen especially the AR parts of the market. I think about not to single out a company, but the stock has gone parabolic. Micron record time hitting a trillion dollar market cap here.

[00:00:26]What does that say about the market versus this AI infrastructure buildout?

[00:00:30]You know, >> look, I I view the market as exuberant.

[00:00:32]You know, it's and I've seen this before. You know, of course, exuberance can go on a long time and it and it's not bad. Sometimes, you know, earnings are up 15 20% this year and a lot of these companies have huge order books.

[00:00:43]So, it may be justified. Uh but, you know, there is also hype in in some of the stuff. You see hype in other uh commodities too. Uh and then credit spreads are very low. So I look at all that as actually a risk. So it makes you feel good, but if something goes wrong, those asset prices can come down.

[00:01:01]Interest rates are gravity to asset prices. So you know, it's a risk. I'm not terrified about it. We can handle whatever it is. When we look at risk, we look at the range of potential outcomes that can handle it. So JP can handle rates at 2%, rates at 8%. We're not betting our company either one, and I give you probabilities of those things, but uh which is more of an intellectual exercise than anything else. And um so we'll see >> SpaceX IPO thoughts.

[00:01:27]>> Well, you know I I visited SpaceX. It's it's extraord I mean the company you you could talk about values and all that but which I can't uh it's extraordinary.

[00:01:40][laughter] It's it's extraordinary what they've done. I mean I I think it was 100 launches last year. You know uh you know the reusable parts now. So the the cost per launch, the cost per satellite is literally coming down like this. So I wish these guys and Blue Origin, I wish them the best. I mean, they're inventing stuff that can, you know, change humanity for the better.

[00:02:00]>> How do you think >> JP Morgan is, of course, one of the bookrunners on that SpaceX IPO, which is probably why he deflected on the question about valuation. Uh, we will continue to monitor that conversation with Jamie Diamond. We'll bring you any of the big headlines, but sticking with the big banks next week, I'm speaking with Goldman Sachs CEO David Solomon at the Economic Club of New York. It is happening at noon Eastern on Tuesday, and we'll be sure to bring you all the highlights right here on Halime. Uh guys, it's interesting hearing Diamond's comments about the markets and exuberance because he's spoken about the exuberance of the markets for quite some time. I was struck more by when he said it's not that bad, that the exuberance of the market's not that bad. He said there are risks out there, credit spreads are tight and so forth. Uh what do you make of those comments?

[00:02:46]>> He's usually a little bit more glass half empty, right, when Jaime talks. But I think basically what he's saying is what a lot of investors are thinking right now. Yes, there is exuberance in this market, but that doesn't automatically mean that it's irrational exuberance. Corporate earnings are holding up. There's a massive AI spend.

[00:03:03]The economy backdrop is pretty good.

[00:03:05]We're not looking at rate hikes at the moment. So, I agree with the fact that he's okay with it. But I think at the at the at the end of the comment there was probably a little bit of caution there which makes sense. Be disciplined and be selective.

[00:03:17]>> Carrie, what do you think?

[00:03:19]>> I think we've seen many markets in which you can look at valuation and say it's not crazy until it's ridiculous times too. Your definition of ridiculous and I don't think we're at that level where it's such no nosebleleed territory by and large across the board where we have widespread selling. But exuberance is not a word that usually means calm and rational. It's a word that has implications which suggests something else is coming. So we have to just be aware of that. As long as GDP stays decent and employment is fine, I I think in the near- term Rohead