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  • šŸ‹ JPMorgan’s $1.5T Bet on America’s Future

šŸ‹ JPMorgan’s $1.5T Bet on America’s Future

Plus: First Brands CEO resigns while Jefferies says reaction was overblown, Goldman buys a VC firm, silver keeps mooning, and Broadcom has a 10% day on yet another OpenAI deal.

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Together With

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ā€œThere is only one success, to be able to spend your life in your own way.ā€ — Christopher Morley

Good Morning! First Brands CEO resigned and will be replaced by one of the company’s restructuring advisers. Jefferies told investors the selloff was overblown, with only $45 million of exposure. And Goldman agreed to buy Industry Ventures for $665 million, a VC firm managing $7 billion in assets.

Buyers fueled the biggest S&P 500 rally since May, with Broadcom surging 10% after an OpenAI deal. Silver extended its rally, topping a 45-year high yesterday. Private equity is on pace for a comeback year, with 15,107 deals worth $1.6 trillion through September. And Blackstone is weighing a bid for London-listed storage firm Big Yellow.

Plus: Why AI will widen the gap between superstars and everyone else, the banker behind the Trumps’ Wall Street wins helped Don Jr. and Eric earn $500 million this year, and do you really want a new job, or just external validation?

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SQUEEZ OF THE DAY

JPMorgan’s $1.5T Bet on America’s Future

Jamie Dimon isn’t waiting for Washington to rebuild American industry… he’s writing the check himself. The JPMorgan CEO unveiled a $1.5 trillion, decade-long ā€œSecurity and Resiliency Initiativeā€ to rebuild critical U.S. industries and reduce reliance on foreign supply chains.

The plan spans everything from rare-earth minerals and pharmaceutical precursors to AI, defense, energy, and frontier technologies.

The initiative boosts the firm’s prior $1 trillion target by another $500 billion, with capital expected to flow across investment banking, lending, and asset management.

Most of the capital will come through structured financing, debt and equity raises, and credit lines, but JPMorgan also plans to invest up to $10 billion of its own equity in key ventures to accelerate domestic production and innovation.

Dimon said the goal is simple: to strengthen America’s economic backbone. ā€œThe United States has allowed itself to become too reliant on unreliable sources of critical materials and manufacturing,ā€ he said. ā€œOur security is predicated on the strength and resiliency of America’s economy.ā€

The effort comes as Washington looks to modernize infrastructure and shore up supply chains amid escalating geopolitical tensions. JPMorgan plans to hire more bankers and experts, form an external advisory council, and focus on four key areas: advanced manufacturing, defense and aerospace, energy resilience, and frontier tech like AI and quantum computing.

Takeaway: Dimon’s $1.5 trillion plan isn’t just about patriotism, it’s about positioning JPMorgan at the heart of America’s reindustrialization. As global tensions rise and supply chains fracture, the world’s most powerful banker is betting big that ā€œMade in Americaā€ is the next bull market.

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HEADLINES

Top Reads

  • First Brands CEO Patrick James resigns after lender concerns intensify (CNBC)

  • Jefferies seeks to calm investor worries over First Brands fallout (WSJ)

  • Goldman Sachs to acquire $7B venture capital firm Industry Ventures (CNBC)

  • Stock buyers drive biggest S&P 500 rally since May (BB)

  • Silver prices hit 45-year high as metals rally (WSJ)

  • Private-equity deals are on pace for bumper year (WSJ)

  • Big Yellow shares soar on Blackstone takeover interest (FT)

  • The banker behind the Trumps' quick Wall Street wins (BB)

  • Why AI will widen the work gap between superstars and everyone else (WSJ)

  • Baby boomers still love their department stores (CNBC)

  • After record crypto crash, a rush to hedge against another freefall (YF)

  • Stocks claw back more than half of Friday’s rout as Trump softens China stance (CNBC)

  • Bloom Energy stock soars on Brookfield deal to power AI data centers (CNBC)

  • Working-class investors drive fresh stock market enthusiasm (WSJ)

  • Billionaire hedge fund manager stops US donations (FT)

CAPITAL PULSE

Markets Rundown

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Market Update

  • Markets closed higher as trade tensions eased following President Trump’s weekend comments softening threats to levy additional tariffs on China.

  • Last week, tensions rose as China imposed new export controls on rare-earth minerals, critical to semiconductors, defense, and battery production.

  • Technology and consumer discretionary stocks led gains, while consumer staples and health care were lower.

  • Technology performance was supported by a new agreement between Broadcom and OpenAI to collaborate on AI infrastructure.

  • Bond markets were closed for Columbus Day, while the U.S. dollar strengthened and WTI oil rebounded from five-month lows as trade concerns cooled.

Economic Data Highlights

  • Earnings season kicks off this week, led by major banks.

  • S&P 500 earnings are forecast to rise about 8% year-over-year, with seven of 11 sectors expected to report growth.

  • Technology, utilities, and materials are projected to lead earnings gains.

  • With valuations elevated, earnings growth will likely be key to driving markets higher, in our view.

Reported Earnings

  • Fastenal (FAST) – Reported results largely in line with expectations, reflecting steady industrial and construction demand.

Earnings Today

  • JPMorgan Chase (JPM), Goldman Sachs (GS), and Citigroup (C) – Reporting today; focus on credit trends, deposit flows, and capital-markets activity.

Movers & Shakers

  • (+) Bloom Energy ($BE) +26% after announcing a $5 billion AI data center deal with Brookfield.

  • (+) Broadcom ($AVGO) +10% announcing plans to develop and deploy racks of OpenAI-designed chips starting late next year.

  • (–) Marquets ($MQ) -5% after the credit card issuing platform was downgraded by Goldman.

Prediction Markets

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  • Who will be the wealthiest in the world?

  • Trade on real-world events with Kalshi. Use code OWS to get a $10 bonus when you trade $10.

Private Dealmaking

  • Goldman Sachs acquired Industry Ventures for $665 million

  • Raise Financial Services, parent of trading platform Dhan, raised $120 million

  • Nilo Therapeutics, an immune disease treatment developer, raised $101 million

  • 1Password, a password management business, sold $100 million in secondaries

  • David AI Labs, an audio data company for AI model training, raised $50 million

  • BIGC, an entertainment-tech company, raised $14 million

For more PE, VC & M&A deals, subscribe to our Buysiders newsletter.

BOOK OF THE DAY

Having It All

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Description: Economist and Wharton professor Corinne Low deconstructs the myth of ā€œhaving it allā€ using data-driven insight. She reveals how structural, economic, and biological forces shape (and often constrain) women’s key life decisions—from career and relationships to housing and parenting—and offers a framework for making smarter, more self-aligned choices.

Book Length: 272 pages

Ideal For: Professionals, working women, feminist thinkers, career planners, and anyone seeking clarity in balancing ambition, values, and life constraints.

ā€œThe promise of ā€˜having it all’ has become harder than ever… we face unsustainable demands on our time in every sphere.ā€

DAILY VISUAL

The Smartphone Generation

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Source: Chartr

 

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DAILY ACUMEN

Psychology of Timing

Success is rarely about doing more.

It is about doing the right thing at the right time.

The best traders and founders both learn that timing is the invisible multiplier of effort.

You can work hard in a bad cycle and get crushed, or work moderately in a good one and look like a genius.

The key is staying patient enough to act when odds tilt in your favor.

Life has its own version of market timing.

Friendships, careers, opportunities—they all move in cycles.

You cannot force a season that has not arrived, but you can stay ready for when it does.

Preparation without impatience is the art.

ENLIGHTENMENT

Short Squeez Picks

  • Do you want a new job, or just external validation?

  • One CEO’s non-negotiable, 4-step morning routine

  • The easiest way to create great new habits

  • Is reading always better than listening to audiobooks?

  • 4 ways to protect your path to purpose

MEME-A-PALOOZA

Memes of the Day

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