JPMorgan Chase

...

but they're like, you know, "Okay, like now from..." I guess J- and JP Morgan is like the number one sponsor of the US Open.

Like, "Now the, uh, check presentation from JP Morgan, chairman, CEO," whatever, uh, blah, blah, blah.

He goes and walks over to Zverev and truly just hands him a normal sized envelope, like with a check in it, and Zverev just kinda takes it from him and he like, [chuckles] you can tell he's kinda like, "What am I supposed to do?" Like [chuckles] then and they, the way they teed it, they're like, "And now, like the check presentation of $5.2 million, Alexander Zverev," and they hand him just a tiny envelope.

[chuckles]

There was a certain amount of regret at losing relationships actually, because we carried relationships.

But in terms of UBS and JP Morgan, we work with these banks 'cause they, they don't do retail banking.

We do retail banking really well.

They do their investment activities.

Let's talk about the Fed then.

Markets are now putting close to a 90% probability on the Fed raising rates by 25 basis points this week with both Goldman Sachs and JP Morgan now expecting a hike.

If that move is largely priced in, is the bigger question now whether this is a one-off increase or the beginning of another tightening cycle?

Yeah, I mean, that's the $64,000 question.

Yeah, thank God, yeah.

put on the airpods from this point forward because we're going to say the a word a lot another handy thing is i always you know i prefer rufus because amazon for shopping is such a long phrase but they call it afs so i'm going to start using that now so that's actually a lot less words especially typing so we did have a section on that so the you know there is a analyst he's a friend of the J.P. Morgan, and he does this exercise where he picks a part prime and he looks at every one of the little pieces offered in there.

So for example, a lot of people don't realize it, but with Prime, you get obviously the video and you kind of comps that to like maybe a Netflix.

Then you get DoorDash Plus, right? So that's a known value and so on.

Well, that doesn't work for business because you can't put a meter on it.

So J.P. Morgan and all them really didn't like that.

And it was also interesting because in this, this photo right here he's showing a lightning arc representing twelve million volts, okay? Jumped twenty-two feet to the helix right in eighteen ninety-nine.

Eighteen ninety-nine right there, baby.

Everybody's thinking about the physical reality of AI because nobody believes they could be seduced.

But the top engineers in the world and the CEOs of these companies are going, "Whoa, uh, we need to slow down." When's the last time you heard somebody postpone a trillion-dollar IPO because of safety concerns? JP Morgan, Jamie Dimon, said they've spent the bulk of their money in training their AI around security, right? Dario at Anthropic said, "If it can be reached, it can be breached." That's what it-- I mean, that's what he said.

He said it out loud.

He said it out loud.

And none of the big financials like that.

JP Morgan down 1.7%.

Wells Fargo down 1.7%.

Goldman Sachs down 4%.

Uh, Bank of America down one and a bit.

Same with JP Morgan.

Um, but broadly we saw, you know, healthcare slightly better bid.

Meta, well, and probably people going back to the safety of the, of the hyperscalers, the Google, the Meta, the Microsofts, they were up a little bit.