Jamie Dimon warns of major market risk in next few years

JPMorgan Chase CEO Jamie Dimon warned in an interview that the stock market could be in line for a significant correction within the next few years amid heightened uncertainty.

Dimon told the BBC that there is an elevated risk of a stock market correction in the next six months to two years, saying, “I am far more worried about that than others.”

The leader of the largest bank in the U.S. said there are a “lot of things out there” contributing to an atmosphere of economic uncertainty with risk factors ranging from geopolitical tensions, fiscal spending and global remilitarization.

“All these things cause a lot of issues that we don’t know how to answer,” Dimon told the BBC. “So I say the level of uncertainty should be higher in most people’s minds than what I would call normal.”

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Dimon has been concerned about the risk of conflict in recent years and earlier this year warned that the U.S. should be stockpiling advanced weaponry following a report that the U.S. could run out of precision missiles within seven days of a conflict with China in the South China Sea or over Taiwan.

“People talk about stockpiling things like crypto, I always say we should be stockpiling bullets, guns and bombs,” Dimon told the BBC. “The world’s a much more dangerous place, and I’d rather have safety than not.”

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The JPMorgan chief said that while artificial intelligence (AI) investment will pay off overall, he acknowledged that some of the surge of investment in AI will “probably be lost” and that not all investments in that space will work out positively.

“The way I look at it is, AI is real. AI in total will pay off,” Dimon said in the BBC interview. “Just like cars in total paid off, and TVs in total paid off, but most people involved in them didn’t do well.”

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Dimon has warned on several occasions about threats to the economy and stock market this year, citing elevated uncertainty.

Last month, Dimon said in an interview that he thought the economic impact of tariffs, changes in immigration policy, geopolitical challenges and fiscal policy changes in President Donald Trump’s One Big Beautiful Bill Act remain to be seen. 

“I think you better be careful on that one [on the economic impact on the U.S.], because some of these things have long cycles. So we don’t know yet. People are expecting these things to happen right away. But actually, a lot of them haven’t happened,” Dimon said in an interview on the “Office Hours: Business Edition” podcast.

Reuters contributed to this report.