Jamie Dimon announces massive $10 billion bet on US national security: ‘We need to act now’
By Jordan Valinsky, CNN
New York (CNN) — JPMorgan Chase on Monday announced a massive investment plan that places a substantial bet on industries it thinks are critical to the United States’ economic security.
As part of the decade-long initiative, the bank said it’s investing $10 billion in select companies that are primarily based in the United States and do business in one of four key areas: supply chain resilience, energy independence, defense and strategic technologies like AI and quantum computing. The investment, which will come from JPMorgan’s capital, directly, and from venture capital, is designed to enhance large and mid-sized companies’ growth and drive innovation and strategic manufacturing, according to a press release.
The plan aims to facilitate $1.5 trillion in investments over 10 years. JPMorgan had previously aimed at delivering $1 trillion in investments to these initiatives.
“It has become painfully clear that the United States has allowed itself to become too reliant on unreliable sources of critical minerals, products and manufacturing – all of which are essential for our national security,” said CEO Jamie Dimon, in a statement.
The announcement comes as President Donald Trump revived a trade war between the US and China on Friday, with Trump threatening to impose new triple-digit tariffs on Chinese imports.
Trump’s threat followed Beijing’s tightening of its control on rare earths, a group of critical minerals essential in the production of a wide range of electronics, automobiles and semiconductors. However, on Sunday, the Trump administration appeared to soften its tone, and markets were set to rebound Monday.
But the renewed tensions demonstrated how a major investment in companies aimed at US self-reliance could pay off in a new era of tariffs, trade wars and standoffs.
“Our security is predicated on the strength and resiliency of America’s economy. America needs more speed and investment,” Dimon said.
The initiative will help ensure reliable access to critical medicines, minerals, defense capabilities, and energy and microchips to power AI, Dimon said. Rising tensions around the world, particularly with China, have challenged America’s ability to secure all of those crucial needs.
JPMorgan will hire an unspecified number of additional bankers and other investment staffers to execute its investment strategy, and it will create an external council to help guide it, the bank said.
Shares of JPMorganChase (JPM) rose more than 1% in premarket trading.
“Hopefully, once again, as America has in the past, we will all come together to address these immense challenges,” Dimon said. We need to act now.”
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