JPMorgan CEO Dimon Warns Stock Bull Market Is 'Like a Little Tsunami,' Flags Geopolitical Risks on June 21

On June 21 at a Council on Foreign Relations event, JPMorgan CEO Jamie Dimon warned that the stock market bull run resembles a "little tsunami," describing forces that are very difficult to stop once they gather pace.

Dimon cited $700 billion in artificial-intelligence capital spending, unemployment near 4.3%, and GDP growth around 2% as near-term market supports. However, he flagged Ukraine, Iran, Russia, and U.S.-China relations as geopolitical risks he believes markets are underpricing. "Cycles inevitably turn. I am quite worried about it," he said, noting the downside may be underappreciated given unresolved conflicts and heavy AI spending yet to prove returns.