Making Sense

In this episode, Nick Richitt, global co-head of Healthcare Services at J.P. Morgan, sits down with Michael Gao, co-founder of Smarter DX and president of Smarter Technologies, to explore how AI is revolutionizing healthcare. Together, they dive into the journey from digitization to true innovation, discussing how AI is transforming clinical reasoning, improving patient records and driving operational efficiency for hospitals and health systems. They also address the challenges of scaling AI responsibly, emphasizing the importance of collaboration and control. What is the future of intelligent healthcare, and how will it amplify the human experience?    This episode was recorded on October 30, 2025.   This material was prepared by certain personnel of JPMorgan Chase & Co. and its affiliates and subsidiaries worldwide and not the firm’s research department. It is for informational purposes only, is not intended as an offer or solicitation for the purchase, sale or tender of any financial instrument and does not constitute a commitment, undertaking, offer or solicitation by any JPMorgan Chase entity to extend or arrange credit or provide any other products or services to any person or entity.  © 2025 JPMorgan Chase & Company. All rights reserved.

In this episode, Veronique Steiner, head of EMEA Innovation Economy, and Lori Schwartz, global head of Treasury Services, sit down at Money20/20 Middle East in Riyadh to discuss the trends shaping the region's financial system. Together, they explore the rapid growth of financial services in the Middle East, the impact of technology on cross-border payments and the importance of striking a balance between security and innovation in a fast-changing landscape. Hear insights on the future of fintech, the role of open banking and how J.P. Morgan Payments is helping clients navigate new opportunities in Saudi Arabia and beyond.    This episode was recorded on September 15, 2025.   J.P. Morgan and third parties listed on this page have not entered into a legal partnership to provide the services described above. Third party trademarks, brand names, and descriptions of products and services that appear on this page are provided by the respective third party. J.P. Morgan is not liable or responsible for such trademarks, brand names, descriptions of products, companies and or services. J.P. Morgan may generate profit from the use of any services or products provided by the third parties. Nothing in this material shall be taken as an endorsement of any third party or advice on the suitability of the third party’s services for the client. You shall make an independent determination for selection of the services provided by the third parties. Neither J.P. Morgan, nor its affiliates, shall be liable to you for any loss or liability suffered by you from the use of the third party’s services. The views and opinions expressed herein are those of the author and do not necessarily reflect the views of J.P. Morgan, its affiliates, or its employees. The information set forth herein has been obtained or derived from sources believed to be reliable. Neither the author nor J.P. Morgan makes any representations or warranties as to the information’s accuracy or completeness.  The information contained herein has been provided solely for informational purposes and does not constitute an offer, solicitation, advice or recommendation, to make any investment decisions or purchase any financial instruments, and may not be construed as such. Any Future capabilities of mobility payment systems are under development; features and timelines are subject to change at the Bank’s sole discretion.   © 2025 JPMorgan Chase & Co. All rights reserved. JPMorgan Chase Bank, N.A. Member FDIC. Deposits held in non-U.S. branches are not FDIC insured.  Non-deposit products are not FDIC insured. The statements herein are confidential and proprietary and not intended to be legally binding. Not all products and services are available in all geographical areas. Visit  jpmorgan.com/paymentsdisclosure for further disclosures and disclaimers related to this content.

In this episode, Kenneth Worthington, a Brokers, Asset Managers and Exchanges equity analyst at J.P. Morgan, is joined by Teresa Ho, head of U.S. Short Duration Strategy, to explore the dynamic world of stablecoins. Together, they break down what stablecoins are, how they work and why they’re gaining so much attention in today’s financial landscape. The discussion covers how stablecoins differ from deposits and money market funds, the impact of recent legislation such as the GENIUS Act, as well as what all this could mean for the future of finance.   This episode was recorded on October 23, 2025.   This communication is provided for information purposes only. Please visit www.jpmm.com/research/disclosures for important disclosures. JPMorgan Chase & Co. or its affiliates and/or subsidiaries (collectively, J.P. Morgan) normally make a market and trade as principal in securities, other financial products and other asset classes that may be discussed in this communication. This communication has been prepared based upon information from sources believed to be reliable, but J.P. Morgan does not warrant its completeness or accuracy except with respect to any disclosures relative to J.P. Morgan and/or its affiliates and an analyst's involvement with any company (or security, other financial product or other asset class) that may be the subject of this communication. Any opinions and estimates constitute our judgment as of the date of this material and are subject to change without notice. Past performance is not indicative of future results. This communication is not intended as an offer or solicitation for the purchase or sale of any financial instrument. J.P. Morgan Research does not provide individually tailored investment advice. Any opinions and recommendations herein do not take into account individual circumstances, objectives, or needs and are not intended as recommendations of particular securities, financial instruments or strategies. You must make your own independent decisions regarding any securities, financial instruments or strategies mentioned or related to the information herein. Periodic updates may be provided on companies, issuers or industries based on specific developments or announcements, market conditions or any other publicly available information. However, J.P. Morgan may be restricted from updating information contained in this communication for regulatory or other reasons. This communication may not be redistributed or retransmitted, in whole or in part, or in any form or manner, without the express written consent of J.P. Morgan. Any unauthorized use or disclosure is prohibited. Receipt and review of this information constitutes your agreement not to redistribute or retransmit the contents and information contained in this communication without first obtaining express permission from an authorized officer of J.P. Morgan. Copyright 2025, JPMorganChase & Co. All rights reserved.

In this episode, Joyce Chang, chair of Global Research at J.P. Morgan, is joined by Jahangir Aziz, head of Emerging Markets Research, and Jay Barry, head of Global Rates Strategy. Together, they explore how AI is reshaping global economic narratives, why tech innovation trumps tariffs, the evolving U.S.–China relationship and more. They also discuss other topics including stagflation risks, shifting trade dynamics and the outlook for U.S. Treasury markets. What does the global economy’s new normal look like?  This episode was recorded on October 21, 2025. This communication has been prepared based upon information from sources believed to be reliable, but J.P. Morgan does not warrant its completeness or accuracy except with respect to any disclosures relative to J.P. Morgan and/or its affiliates and an analyst's involvement with any company (or security, other financial product or other asset class) that may be the subject of this communication. Any opinions and estimates constitute our judgment as of the date of this material and are subject to change without notice. Past performance is not indicative of future results. This communication is not intended as an offer or solicitation for the purchase or sale of any financial instrument. J.P. Morgan Research does not provide individually tailored investment advice. Any opinions and recommendations herein do not take into account individual circumstances, objectives, or needs and are not intended as recommendations of particular securities, financial instruments or strategies. You must make your own independent decisions regarding any securities, financial instruments or strategies mentioned or related to the information herein. Periodic updates may be provided on companies, issuers or industries based on specific developments or announcements, market conditions or any other publicly available information. However, J.P. Morgan may be restricted from updating information contained in this communication for regulatory or other reasons. This communication may not be redistributed or retransmitted, in whole or in part, or in any form or manner, without the express written consent of J.P. Morgan. Any unauthorized use or disclosure is prohibited. Receipt and review of this information constitutes your agreement not to redistribute or retransmit the contents and information contained in this communication without first obtaining express permission from an authorized officer of J.P. Morgan.  Copyright 2025, JPMorganChase & Co. All rights reserved. 

In this episode, Martin Kallström, CEO of Sweden-based systematic hedge fund Lynx Asset Management, is in conversation with Eloise Goulder, head of the Data Assets & Alpha Group at J.P. Morgan. Together, they explore the evolution of trend-following strategies, the drivers of long-term alpha in trend and the value of trend within a wider portfolio context. They also discuss what sets Lynx apart from other systematic hedge funds, as well as the opportunities AI tools, including LLMs, present for quant managers.    This episode was recorded on September 15, 2025.   Shownotes:  https://www.lynxhedge.se/en/ Systematic investing with Martin Lueck, co-founder, Aspect Capital Trend-following in Alternative Markets with David Denison, Deputy CIO, Florin Court   The views expressed in this podcast may not necessarily reflect the views of J.P. Morgan Chase & Co and its affiliates (together “J.P. Morgan”), they are not the product of J.P. Morgan’s Research Department and do not constitute a recommendation, advice, or an offer or a solicitation to buy or sell any security or financial instrument.  This podcast is intended for institutional and professional investors only and is not intended for retail investor use, it is provided for information purposes only. Referenced products and services in this podcast may not be suitable for you and may not be available in all jurisdictions.  J.P. Morgan may make markets and trade as principal in securities and other asset classes and financial products that may have been discussed.  For additional disclaimers and regulatory disclosures, please visit: www.jpmorgan.com/disclosures/salesandtradingdisclaimer. For the avoidance of doubt, opinions expressed by any external speakers are the personal views of those speakers and do not represent the views of J.P. Morgan. © 2025 JPMorgan Chase & Company. All rights reserved.

What’s driving record venture capital flows into AI and defense tech? How are public markets and strategic buyers changing the game for tech founders? Host Mose Adigun sits down with Rosh Wijayarathna, co-head of EMEA Innovation Economy, David Bauer, co-head of Americas Equity Capital Markets, and Matt Gehl, co-head of EMEA Tech Investment Banking, to discuss the most exciting technologies and innovation themes from J.P. Morgan's recent Tech Stars Conference in London.   https://www.jpmorgan.com/insights/banking/investment-banking/tech-stars-conference-2025-recap    This episode was recorded on October 14, 2025.   This material was prepared by certain personnel of JPMorgan Chase & Co. and its affiliates and subsidiaries worldwide and not the firm’s research department. It is for informational purposes only, is not intended as an offer or solicitation for the purchase, sale or tender of any financial instrument and does not constitute a commitment, undertaking, offer or solicitation by any JPMorgan Chase entity to extend or arrange credit or provide any other products or services to any person or entity.  © 2025 JPMorgan Chase & Company. All rights reserved.

In this episode, Eloise Goulder sits down with William Tuttle, part of the Global Engagement team at J.P. Morgan, to explore the evolving landscape of U.S. policy and its impact on global markets. From the rise of tariffs and their economic implications to the global race for AI dominance, the duo explore how the U.S. is shifting toward an age of transactionalism in foreign policy.    This episode was recorded on September 22, 2025.   The views expressed in this podcast may not necessarily reflect the views of J.P. Morgan Chase & Co and its affiliates (together “J.P. Morgan”), they are not the product of J.P. Morgan’s Research Department and do not constitute a recommendation, advice, or an offer or a solicitation to buy or sell any security or financial instrument.  This podcast is intended for institutional and professional investors only and is not intended for retail investor use, it is provided for information purposes only. Referenced products and services in this podcast may not be suitable for you and may not be available in all jurisdictions.  J.P. Morgan may make markets and trade as principal in securities and other asset classes and financial products that may have been discussed.  For additional disclaimers and regulatory disclosures, please visit: www.jpmorgan.com/disclosures/salesandtradingdisclaimer. For the avoidance of doubt, opinions expressed by any external speakers are the personal views of those speakers and do not represent the views of J.P. Morgan. © 2025 JPMorgan Chase & Company. All rights reserved.

In this episode, Samantha Azzarello, head of Content Strategy, is joined by Jay Barry, head of Global Rates Strategy, chief U.S. economist Mike Feroli and Eben Peck from the Federal Government Relations team to discuss the latest developments surrounding the U.S. government shutdown. They explore the status of negotiations and the economic implications of the impasse, including the effects on Fed policy, GDP and jobs. They also dive into the market response and the impact on the broader financial landscape.     This podcast was originally recorded as a webinar for J.P. Morgan Markets on October 2, 2025.  This communication has been prepared based upon information from sources believed to be reliable, but J.P. Morgan does not warrant its completeness or accuracy except with respect to any disclosures relative to J.P. Morgan and/or its affiliates and an analyst's involvement with any company (or security, other financial product or other asset class) that may be the subject of this communication. Any opinions and estimates constitute our judgment as of the date of this material and are subject to change without notice. Past performance is not indicative of future results. This communication is not intended as an offer or solicitation for the purchase or sale of any financial instrument. J.P. Morgan Research does not provide individually tailored investment advice. Any opinions and recommendations herein do not take into account individual circumstances, objectives, or needs and are not intended as recommendations of particular securities, financial instruments or strategies. You must make your own independent decisions regarding any securities, financial instruments or strategies mentioned or related to the information herein. Periodic updates may be provided on companies, issuers or industries based on specific developments or announcements, market conditions or any other publicly available information. However, J.P. Morgan may be restricted from updating information contained in this communication for regulatory or other reasons. This communication may not be redistributed or retransmitted, in whole or in part, or in any form or manner, without the express written consent of J.P. Morgan. Any unauthorized use or disclosure is prohibited. Receipt and review of this information constitutes your agreement not to redistribute or retransmit the contents and information contained in this communication without first obtaining express permission from an authorized officer of J.P. Morgan.   Copyright 2025, JPMorganChase & Co. All rights reserved.  

In this episode, Greg Shearer, head of Base and Precious Metals Research, is joined by Natasha Kaneva, head of Global Commodities Research. Together, they dive into the key factors currently shaping commodities markets — from the evolving geopolitical landscape to the interest rate environment. How have recent attacks on Russian energy infrastructure impacted global oil supply? And how have Fed cutting cycles historically affected oil prices and broader commodity returns? Tune in for expert insights on supply and demand dynamics, geopolitical risk premiums and more.    This episode was recorded on September 26, 2025.  This communication has been prepared based upon information from sources believed to be reliable, but J.P. Morgan does not warrant its completeness or accuracy except with respect to any disclosures relative to J.P. Morgan and/or its affiliates and an analyst's involvement with any company (or security, other financial product or other asset class) that may be the subject of this communication. Any opinions and estimates constitute our judgment as of the date of this material and are subject to change without notice. Past performance is not indicative of future results. This communication is not intended as an offer or solicitation for the purchase or sale of any financial instrument. J.P. Morgan Research does not provide individually tailored investment advice. Any opinions and recommendations herein do not take into account individual circumstances, objectives, or needs and are not intended as recommendations of particular securities, financial instruments or strategies. You must make your own independent decisions regarding any securities, financial instruments or strategies mentioned or related to the information herein. Periodic updates may be provided on companies, issuers or industries based on specific developments or announcements, market conditions or any other publicly available information. However, J.P. Morgan may be restricted from updating information contained in this communication for regulatory or other reasons. This communication may not be redistributed or retransmitted, in whole or in part, or in any form or manner, without the express written consent of J.P. Morgan. Any unauthorized use or disclosure is prohibited. Receipt and review of this information constitutes your agreement not to redistribute or retransmit the contents and information contained in this communication without first obtaining express permission from an authorized officer of J.P. Morgan.  Copyright 2025, JPMorganChase & Co. All rights reserved.   

In this episode we hear from Ralph Sueppel, Managing Director at Macrosynergy, a London-based macroeconomic research and technology company that co-developed the J.P. Morgan Macrosynergy Quantamental System (“JPMaQS”): a data and analytics  product harnessing macroeconomic quantamental point-in-time data for investment strategies. Ralph joins J.P. Morgan’s Eloise Goulder, head of the Data Assets & Alpha Group. They delve into the evolution of systematic strategies using macro quantamental data, and they explore which data sets, asset classes, and analytical techniques have historically yielded the greatest alpha opportunities in this space. Finally, they touch on the future path for macro quantamental investing strategies.   Shownotes: https://markets.jpmorgan.com/#jpmaqs https://www.jpmorgan.com/markets/jpmaqs   This episode was recorded on August 28, 2025.   The views expressed in this podcast may not necessarily reflect the views of J.P. Morgan Chase & Co and its affiliates (together “J.P. Morgan”), they are not the product of J.P. Morgan’s Research Department and do not constitute a recommendation, advice, or an offer or a solicitation to buy or sell any security or financial instrument.  This podcast is intended for institutional and professional investors only and is not intended for retail investor use, it is provided for information purposes only. Referenced products and services in this podcast may not be suitable for you and may not be available in all jurisdictions.  J.P. Morgan may make markets and trade as principal in securities and other asset classes and financial products that may have been discussed.  For additional disclaimers and regulatory disclosures, please visit: www.jpmorgan.com/disclosures/salesandtradingdisclaimer. For the avoidance of doubt, opinions expressed by any external speakers are the personal views of those speakers and do not represent the views of J.P. Morgan. © 2025 JPMorgan Chase & Company. All rights reserved.

In this episode, Fahmi Enam, head of Media Communications and Digital Infrastructure at J.P. Morgan Commercial Banking, is joined by Scott Wilcoxen, global head of Digital Infrastructure Investment Banking at J.P. Morgan. They dive deep into the world of digital infrastructure — exploring the critical role of data centers, fiber, and towers in powering today’s digital economy. The conversation covers the unprecedented scale of capital investment required for AI and cloud growth, the unique challenges and opportunities in assembling funding, and the evolving landscape of connectivity. Scott and Fahmi also discuss the risks of overbuilding, the importance of operational expertise, and how J.P. Morgan is positioned to support clients across the entire capital stack. Whether you’re an industry insider or just curious about the backbone of the internet, this episode offers valuable insights into the future of communications infrastructure.   This episode was recorded on September 10, 2025.   This material was prepared by certain personnel of JPMorgan Chase & Co. and its affiliates and subsidiaries worldwide and not the firm’s research department. It is for informational purposes only, is not intended as an offer or solicitation for the purchase, sale or tender of any financial instrument and does not constitute a commitment, undertaking, offer or solicitation by any JPMorgan Chase entity to extend or arrange credit or provide any other products or services to any person or entity.  © 2025 JPMorgan Chase & Company. All rights reserved.

In this episode, Tina Rathjen, from J.P. Morgan’s Securities Services Regulatory Practice, is joined by Kara Kennedy, co-head of Kinexys at J.P. Morgan, to explore the rapidly evolving world of digital assets and blockchain technology. Together, they discuss the opportunities and challenges presented by distributed ledger technology (DLT) and decentralized finance (DeFi), recent regulatory changes, and J.P. Morgan’s initiatives in the digital asset space. The conversation covers industry trends, regulatory sandboxes, digital identity, and how J.P. Morgan is preparing for the future of finance. Tune in for expert insights on how technology and regulation are shaping the digital asset ecosystem.    This episode was recorded on September 2, 2025.     This podcast is intended for institutional clients only. The views expressed in this podcast may not necessarily reflect the views of J.P. Morgan Chase & Co, and its affiliates, together J.P. Morgan, and do not constitute research or recommendation advice or an offer or a solicitation to buy or sell any security or financial instrument. Referenced products and services in this podcast may not be suitable for you, and may not be available in all jurisdictions. J.P. Morgan may make markets and trade as principal in securities and other asset classes and financial products that may have been discussed. For additional disclaimers and regulatory disclosures, please visit www.jpmorgan.com/disclosures.  © 2025 JPMorgan Chase & Company. All rights reserved. 

In this episode,  Ben Wilson, head of Natural Resources M&A at J.P. Morgan, is joined by Kevin Colborne, co-head of North American Mining , and Andrew Castaldo, co-head of Mid-Cap M&A. The group recaps J.P. Morgan's involvement in the public-private partnership between the U.S. Department of Defense and MP Materials. They explore the strategic importance of rare earth magnets, the national security implications of the deal, and the unique partnership forged to strengthen America's supply chain in critical mineral commodities.    This episode was recorded on August 25, 2025.   This material was prepared by certain personnel of JPMorgan Chase & Co. and its affiliates and subsidiaries worldwide and not the firm’s research department. It is for informational purposes only, is not intended as an offer or solicitation for the purchase, sale or tender of any financial instrument and does not constitute a commitment, undertaking, offer or solicitation by any JPMorgan Chase entity to extend or arrange credit or provide any other products or services to any person or entity.  © 2025 JPMorgan Chase & Company. All rights reserved.

In this episode, host Daniel Rudnicki Schlumberger, head of Leveraged Finance EMEA at J.P. Morgan, is joined by Andrew Crook, head of Leveraged Finance Sales, and Daniel Lamy, head of European Credit Strategy Research. Together, they unpack the highlights from J.P. Morgan’s 9th European Leveraged Finance Conference, exploring the latest trends, including market resilience, investor sentiment, and the impact of geopolitical and macroeconomic events.   This episode was recorded on September 5, 2025.   This material was prepared by certain personnel of JPMorgan Chase & Co. and its affiliates and subsidiaries worldwide and not the firm’s research department. It is for informational purposes only, is not intended as an offer or solicitation for the purchase, sale or tender of any financial instrument and does not constitute a commitment, undertaking, offer or solicitation by any JPMorgan Chase entity to extend or arrange credit or provide any other products or services to any person or entity.  © 2025 JPMorgan Chase & Company. All rights reserved.

In this episode, Rama Variankaval, global head of Corporate Advisory and Evan Junek, global head of Corporate Finance Advisory, share insights from their newly released report, "Navigating the Future." The report explores how artificial intelligence, energy trends and healthcare innovations are set to reshape the business landscape over the next decade.   Drawing on months of research and scenario planning, the duo offer practical insights for business leaders, board members and anyone interested in the future of the global economy. From the productivity potential of AI to the evolving dynamics of energy markets and breakthroughs in healthcare, this episode provides a clear framework for thinking about strategic decisions in a rapidly changing world.   Read the full "Navigating the Future" report.   This episode was recorded on August 25, 2025.   This material was prepared by certain personnel of JPMorgan Chase & Co. and its affiliates and subsidiaries worldwide and not the firm’s research department. It is for informational purposes only, is not intended as an offer or solicitation for the purchase, sale or tender of any financial instrument and does not constitute a commitment, undertaking, offer or solicitation by any JPMorgan Chase entity to extend or arrange credit or provide any other products or services to any person or entity.  © 2025 JPMorgan Chase & Company. All rights reserved.

The August jobs report came in weaker than expected, with the U.S. economy adding just 22,000 jobs. The unemployment rate also crept up to 4.3% — the highest in nearly four years, suggesting that labor demand is softening more than supply. Does this all point to a larger rate cut in September? And what’s the latest in the Fed’s battle to preserve its independence? Join chief U.S. economist Mike Feroli and Jenny Shen from the Rates Sales team as they explore what lies ahead for the Fed and the U.S. economy.    This episode was recorded on September 5, 2025.   This communication is provided for information purposes only. Please visit www.jpmm.com/research/disclosures for important disclosures. JPMorgan Chase & Co. or its affiliates and/or subsidiaries (collectively, J.P. Morgan) normally make a market and trade as principal in securities, other financial products and other asset classes that may be discussed in this communication.  This communication has been prepared based upon information from sources believed to be reliable, but J.P. Morgan does not warrant its completeness or accuracy except with respect to any disclosures relative to J.P. Morgan and/or its affiliates and an analyst's involvement with any company (or security, other financial product or other asset class) that may be the subject of this communication. Any opinions and estimates constitute our judgment as of the date of this material and are subject to change without notice. Past performance is not indicative of future results. This communication is not intended as an offer or solicitation for the purchase or sale of any financial instrument. J.P. Morgan Research does not provide individually tailored investment advice. Any opinions and recommendations herein do not take into account individual circumstances, objectives, or needs and are not intended as recommendations of particular securities, financial instruments or strategies. You must make your own independent decisions regarding any securities, financial instruments or strategies mentioned or related to the information herein. Periodic updates may be provided on companies, issuers or industries based on specific developments or announcements, market conditions or any other publicly available information. However, J.P. Morgan may be restricted from updating information contained in this communication for regulatory or other reasons. This communication may not be redistributed or retransmitted, in whole or in part, or in any form or manner, without the express written consent of J.P. Morgan. Any unauthorized use or disclosure is prohibited. Receipt and review of this information constitutes your agreement not to redistribute or retransmit the contents and information contained in this communication without first obtaining express permission from an authorized officer of J.P. Morgan.  Copyright 2025, JPMorganChase & Co. All rights reserved. 

In this episode, join three members of the Data Assets & Alpha Group — group head Eloise Goulder, product specialist Edwina Lowe and head of Data Intelligence Luca Rainero. They discuss the extent to which retail and institutional investor flows and sentiment have diverged, with retail aggressively buying the dip during and after April’s market lows. They also touch on the resurgence in meme stocks this year. To round out, learn about the evolution of sentiment analytics from multiple sources, what recent trends reveal about markets today and how this space is likely to evolve in the future.    This episode was recorded on August 22, 2025.   The views expressed in this podcast may not necessarily reflect the views of J.P. Morgan Chase & Co and its affiliates (together “J.P. Morgan”), they are not the product of J.P. Morgan’s Research Department and do not constitute a recommendation, advice, or an offer or a solicitation to buy or sell any security or financial instrument.  This podcast is intended for institutional and professional investors only and is not intended for retail investor use, it is provided for information purposes only. Referenced products and services in this podcast may not be suitable for you and may not be available in all jurisdictions.  J.P. Morgan may make markets and trade as principal in securities and other asset classes and financial products that may have been discussed.  For additional disclaimers and regulatory disclosures, please visit: www.jpmorgan.com/disclosures/salesandtradingdisclaimer. For the avoidance of doubt, opinions expressed by any external speakers are the personal views of those speakers and do not represent the views of J.P. Morgan. © 2025 JPMorgan Chase & Company. All rights reserved.

With the 2025 NFL season right around the corner, Briggs Barton, a specialist for the U.S. Consumer sector, and Dan Politzer, an analyst covering Gaming and Lodging for J.P. Morgan Global Research, delve into the rapidly evolving online sports betting industry. They discuss key trends such as parlay adoption, mobile penetration and micro-betting, as well as the competitive strategies of major players like DraftKings, FanDuel and BetMGM. They also address regulatory challenges and the impact of technology on the industry’s growth. Tune in for an insightful analysis of the current landscape and future prospects of online sports betting.  This episode was recorded on August 11, 2025. This communication has been prepared based upon information from sources believed to be reliable, but J.P. Morgan does not warrant its completeness or accuracy except with respect to any disclosures relative to J.P. Morgan and/or its affiliates and an analyst's involvement with any company (or security, other financial product or other asset class) that may be the subject of this communication. Any opinions and estimates constitute our judgment as of the date of this material and are subject to change without notice. Past performance is not indicative of future results. This communication is not intended as an offer or solicitation for the purchase or sale of any financial instrument. J.P. Morgan Research does not provide individually tailored investment advice. Any opinions and recommendations herein do not take into account individual circumstances, objectives, or needs and are not intended as recommendations of particular securities, financial instruments or strategies. You must make your own independent decisions regarding any securities, financial instruments or strategies mentioned or related to the information herein. Periodic updates may be provided on companies, issuers or industries based on specific developments or announcements, market conditions or any other publicly available information. However, J.P. Morgan may be restricted from updating information contained in this communication for regulatory or other reasons. This communication may not be redistributed or retransmitted, in whole or in part, or in any form or manner, without the express written consent of J.P. Morgan. Any unauthorized use or disclosure is prohibited. Receipt and review of this information constitutes your agreement not to redistribute or retransmit the contents and information contained in this communication without first obtaining express permission from an authorized officer of J.P. Morgan.  Copyright 2025, JPMorganChase & Co. All rights reserved. 

This episode of What’s The Deal? delves into the dynamic landscape of mergers and acquisitions. Jay Hofmann, head of North American M&A at J.P. Morgan, is joined by his colleagues, Cassander Verwey, co-head of Europe, Middle East and Africa M&A, and Rohit Chatterji, head of Asia Pacific M&A. Together, they explore global trends, regional differences and the impact of economic conditions on M&A activity. They also discuss sector-specific opportunities, cross-border dynamics and the outlook for the remainder of the year.  This episode was recorded on August 18, 2025.   This material was prepared by certain personnel of JPMorgan Chase & Co. and its affiliates and subsidiaries worldwide and not the firm’s research department. It is for informational purposes only, is not intended as an offer or solicitation for the purchase, sale or tender of any financial instrument and does not constitute a commitment, undertaking, offer or solicitation by any JPMorgan Chase entity to extend or arrange credit or provide any other products or services to any person or entity.    © 2025 JPMorgan Chase & Company. All rights reserved.  

This episode features Michelle Baddeley, Professor of Economics at Sydney’s University of Technology (UTS) and author of several books on behavioral economics and finance. She sits down with Eloise Goulder, head of the Data Assets & Alpha Group at J.P. Morgan, to discuss the impact of behavioral biases — such as loss aversion, anchoring and confirmation bias — on investing decisions, the meme stock phenomenon and consumer choices. They also explore how the collective impact of these biases is manifested across the economy and markets. How can these biases be avoided in trading? And will AI serve to mitigate or amplify them in the future?   This episode was recorded on July 31, 2025.   Shownotes: Michelle Baddeley’s work on these topics: "Behavioural Economics: A Very Short Introduction" – Michelle Baddeley "Copycats and Contrarians: Why We Follow Others... and When We Don't" – Michelle Baddeley "Behavioural Economics and Finance" – Michelle Baddeley For more information about Michelle and her work go to smarteconomics.org   The podcast's views do not necessarily reflect those of J.P. Morgan Chase & Co or its affiliates (together “J.P. Morgan) and are not from J.P. Morgan’s Research Department. They do not constitute recommendations or offers to buy or sell securities. Intended for institutional and professional investors, not retail use, it is for informational purposes only. Products and services mentioned may not suit all investors or be available in all jurisdictions. J.P. Morgan may make markets and trade in discussed securities and asset classes. Visit www.jpmorgan.com/disclosures/salesandtradingdisclaimer for more disclaimers and regulatory disclosures. External speakers' opinions are personal and not J.P. Morgan's views. © 2025 JPMorgan Chase & Company. All rights reserved.