Jamie Dimon, Chairman and CEO of JPMorgan Chase, has raised serious concerns about the future of the US stock market, according to the BBC. Speaking about growing financial risks, Dimon said he is "far more worried than others" about the likelihood of a significant market correction.
According to Dimon, the chances of a stock market crash are higher than many investors currently believe. He suggested that such a correction could happen within the next six months to two years, urging caution amid growing economic uncertainties.
Dimon, who leads America's largest bank, told the BBC that the US had become a "less reliable" partner on the world stage. He cautioned he was still "a little worried" about inflation in the US, but insisted he thought the Federal Reserve would remain independent, despite repeated attacks by the Trump administration on its chair Jerome Powell.
Dimon noted that several factors are contributing to the current atmosphere of uncertainty, including geopolitical tensions, increased government spending, and global remilitarisation, as per the BBC.
"All these things cause a lot of issues that we don't know how to answer," he said. "So I say the level of uncertainty should be higher in most people's minds than what I would call normal."
Much of the rapid growth in the stock market in recent years has been driven by investment in AI.
On Wednesday, the Bank of England drew a comparison with the dot-com boom (and subsequent bust) of the late 1990s and warned that the value of AI tech companies "appears stretched" with a rising risk of a "sharp correction".
"The way I look at it is, AI is real, AI in total will pay off," he said.
"Just like cars in total paid off, and TVs in total paid off, but most people involved in them didn't do well."
He added some of the money being invested in AI would "probably be lost."
Track Latest News Live on NDTV.com and get news updates from India and around the world
