JPMorgan Chase will invest US$1.5 trillion (A$2.305 trillion) into industries supporting the United States’ national economic security over the next decade, including direct equity and venture capital investments of up to $10 billion.
Under its Security and Resilience Initiative, the company will advise, finance, and invest in businesses in industries like manufacturing, defence, energy, artificial intelligence, and quantum computing.
“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 JPMorgan Chase CEO and chair Jamie Dimon.
“Our security is predicated on the strength and resiliency of America’s economy. America needs more speed and investment. It also needs to remove obstacles that stand in the way: excessive regulations, bureaucratic delay, partisan gridlock and an education system not aligned to the skills we need.”
Quantum technology stocks from companies like Arqit Quantum, D-Wave Quantum, and Rigetti Computing all gained at least 20% after JPMorgan Chase announced the initiative.
JPMorgan Chase had previously planned to allocate around $1 trillion in financing for these industries, but will increase its commitment by $500 billion.
Dimon said the investment pledge was not driven by U.S. President Donald Trump’s administration. The administration has pushed companies like Apple and Nvidia to invest large amounts into U.S. manufacturing this year.
JPMorgan Chase will hire bankers, investment professionals, and experts under the initiative, the company said. It will also create an advisory council of private and public sector leaders for the plan, and launch research into supply chain management issues in the rare earths, artificial intelligence, and technology industries.
The company had $4.3 trillion in assets under management last quarter, up 18% year-over-year. Its third-quarter earnings are due on Tuesday.
JPMorgan Chase’s (NYSE: JPM) share price closed at $307.97, up from its previous close at $301.00. Its market capitalisation is $846.84 billion.
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