Group 1 - The core viewpoint of the article highlights the escalating talent war on Wall Street, with major investment banks like Citigroup, Goldman Sachs, JPMorgan, and Morgan Stanley implementing new policies to prevent junior analysts from accepting external job offers [1][2][3] - Citigroup has introduced a new requirement for junior analysts to disclose any external job offers, a move aimed at retaining talent amidst competition from private equity firms [1][2] - The tightening of regulations on junior employees by Citigroup is closely linked to its internal strategy to reshape its investment banking business under new leadership [2] Group 2 - The practice of requiring junior employees to disclose external job offers is becoming a standard operation among large investment banks on Wall Street [3] - Goldman Sachs requires new analysts to confirm every three months whether they have accepted external job offers, while JPMorgan has a stricter policy threatening termination for those accepting offers within 18 months [3] - Some private equity firms, like Apollo Global Management, have indicated they will reduce early recruitment activities in response to the collective pressure from investment banks [3]

Group 1 - Morgan Stanley has undergone a comprehensive leadership overhaul of its internal research team responsible for quantum computing and other advanced technologies [1] - Marco Pistoia, a former IBM inventor, has recently left the company after serving as the head of Morgan Stanley's applied research group since 2020 [1] - Rob Otte, the global head of digital technology and quantum computing at State Street Bank, has been hired to replace Pistoia [1]

Leadership Changes - JPMorgan Chase has restructured the leadership of its internal research group focused on quantum computing and advanced technology [1] - Marco Pistoia, the previous head of the applied research group, has left the bank [1] New Appointment - Rob Otter, formerly the global head of digital technology and quantum computing at State Street, has been hired to replace Pistoia [2] - Otter has a background in technology roles at major financial institutions, including JPMorgan, Barclays, Credit Suisse, and Goldman Sachs [3] Research Focus - The internal research group at JPMorgan conducts studies on emerging technologies such as quantum computing, blockchain, computer vision, and networking, aimed at solving financial problems [2]

Group 1 - Major banks reported earnings last week, with JPMorgan (JPM) exceeding expectations and raising guidance, while Wells Fargo (WFC) reduced its net interest income (NII) guidance from previous estimates [1] - Inflation has risen, which is likely impacting the financial performance of banks and the broader economy [1] Group 2 - The article emphasizes the importance of individual due diligence in investment decisions, particularly in the context of dividend investing in quality blue-chip stocks, BDCs, and REITs [1]

RT Jeff Kauflin (@JeffKauflin)New: Why JPMorgan is hitting fintechs with stunning new fees for data access: https://t.co/2zet0oEFsD. The bank’s aggressive move is a big escalation in the ongoing battle between financial services incumbents and challenger fintechs. ...

Michael Feroli (1-212) 834-5523 michael.e.feroli@jpmorgan.com JPMorgan Chase Bank NA Abiel Reinhart (1-617) 712 9122 abiel.reinhart@jpmchase.com JPMorgan Chase Bank NA North America Economic Research J P M O R G A N 18 July 2025 US: The AI effect on job growth The discussion about AI taking jobs, or at least good jobs, is generally framed as tomorrow's problem. However, there are some hints that AI may already be taking "knowledge work- er" jobs: job-finding among college grads has been unimpres- sive, and ...

Summary of Key Points from the Conference Call Industry Overview - The focus of the conference call is on the **Artificial Intelligence (AI)** sector and its long-term macroeconomic impacts on economies, bond, equity, and foreign exchange (FX) markets [4][6][74]. Core Insights and Arguments 1. **Transformative Potential of AI**: AI is expected to significantly transform economies and markets in the coming years, with varying impacts across countries and sectors [4][6]. 2. **Historical Context**: Previous technology booms had different impacts, with the US experiencing a notable productivity growth surge during the IT revolution of the late 1990s and early 2000s, averaging around 3% per annum compared to 1.6% from 1980 to 1995 [8][12]. 3. **Geographical Disparities**: Developed markets (DM) are likely to benefit more from AI than emerging markets (EM), with the US expected to be the largest beneficiary. China, Korea, and India are also seen as potential beneficiaries in the EM category [4][76]. 4. **Investment and Productivity**: The development and deployment of AI are anticipated to lead to increased investment intensity in the global economy, similar to the IT revolution, although current macroeconomic indicators do not yet reflect this [23][76]. 5. **Interest Rates**: AI is expected to support a long-term increase in interest rates above post-global financial crisis (GFC) lows, particularly in the US, which is projected to remain at the high end of DM rates [74][82]. 6. **Equity Market Dynamics**: While AI will primarily benefit the Technology sector, current valuations suggest a neutral long-term allocation to this sector. Healthcare and Financials are expected to be long-term beneficiaries with more attractive entry points [4][76][90]. 7. **Currency Implications**: AI is likely to provide long-term support to the US dollar (USD), particularly against EM currencies, although its current high valuation may limit further appreciation [4][63]. 8. **Inflation Outlook**: The long-term impact of AI on inflation is expected to be minimal, as inflation is ultimately a policy choice [72][76]. Additional Important Insights 1. **Sectoral Exposure to AI**: Industries such as finance, insurance, professional services, information technology, education, and healthcare are expected to have higher exposure to AI, while sectors like agriculture and construction may see limited benefits [41][45]. 2. **Regulatory Environment**: The regulatory burden is a critical determinant of AI's economic effects, with the US having a more favorable regulatory environment compared to many EM countries [51][76]. 3. **Long-Term Productivity Gains**: There is uncertainty regarding the magnitude of long-term productivity gains from AI, with some research suggesting modest increases [32][76]. 4. **Investment Strategy**: The analysis suggests a cautious approach to investing in the Technology sector due to high valuations, while other sectors with potential AI applications may offer better long-term investment opportunities [90][92]. This summary encapsulates the key points discussed in the conference call, highlighting the transformative potential of AI, its implications for various markets, and the strategic considerations for investors.

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Core Viewpoint - The signing of the GENIUS Act by President Trump is paving the way for the issuance and regulation of stablecoins in the U.S., which may disrupt traditional banking systems in the next 2 to 3 years [1][2]. Legislative Developments - The GENIUS Act establishes a preliminary framework for stablecoin issuance and regulation, while the CLARITY Act aims to clarify the jurisdiction of the SEC and CFTC over the crypto market [1]. - These legislative advancements signify a shift in focus from policy debates to the actual construction of infrastructure in the digital asset market [2]. Market Growth Projections - The stablecoin market is expected to see moderate growth of approximately $25 billion to $75 billion in the short term, which will likely increase demand for U.S. Treasury securities, particularly short-term bills [2]. Banking Sector Response - U.S. banks are preparing for the stablecoin era, with management expressing readiness to offer stablecoin solutions, although there are concerns regarding specific use cases, especially in domestic payment scenarios [3]. - Major banks like JPMorgan and Citigroup are exploring stablecoin capabilities, with JPMorgan launching its deposit token (JPMD) and Citigroup investing in digital asset services [6][7]. Cross-Border Payment Opportunities - Despite skepticism about domestic applications, bank executives see viable use cases for stablecoins in cross-border payments, with some banks viewing this as a "greenfield" market [4]. Short-Term Impact on Domestic Payments - Most banks anticipate minimal short-term impact on their core domestic payment businesses from stablecoins, although competition in cash management services may intensify [5]. Bank Comments on Stablecoins - JPMorgan is actively entering the stablecoin and digital asset space, while Bank of America acknowledges small cross-border payments as a realistic application [6]. - Citigroup is focusing on tokenized services, despite high transaction costs for converting between fiat and stablecoins [6][7]. Digital Asset Applications - Banks are exploring four main application scenarios for digital assets: reserve management and custody services for stablecoins, transaction services, issuing their own stablecoins, and tokenized deposits [7][8]. Future Outlook - Various banks, including PNC and M&T, are developing digital asset services and assessing the feasibility of stablecoins as payment mechanisms, indicating a growing interest in the sector [9].

1. Report Industry Investment Rating The provided content does not mention the industry investment rating. 2. Core Viewpoints of the Report - The US ETF innovation products have expanded with hedge - fund replication products. Last week, 15 new products were issued in the US, covering various strategies such as option strategies, theme products, and hedge - fund replication strategies [1][6]. - Bitcoin products in US ETFs have seen continuous inflows. Last week, US equity ETFs had inflows of over $15 billion, with domestic stocks having more inflows than international ones, while bond ETFs had outflows [1][10]. - Technology products in US ETFs rebounded significantly in the second quarter. Despite a large drawdown in the first quarter due to the DeepSeek event, the technology sector has rebounded, with year - to - date returns exceeding the S&P 500 and the technology sector having higher gains than other industries in the past three months [1][14]. - Regarding the capital flow of US ordinary public funds, in May 2025, the total amount of non - money public funds in the US was $21.91 trillion, up $0.85 trillion from April 2025. From July 2nd to July 9th, domestic stock funds in the US had outflows of about $7.5 billion, and bond product inflows expanded to $7.58 billion [1][16]. 3. Summary by Relevant Catalogs 3.1 US ETF Innovation Products: Expansion of Hedge - Fund Replication Products - Last week, 15 new products were issued in the US, including a cross - border investment product by JPMorgan, 2x leveraged products by GraniteShares, 2 hedge - fund replication strategy products by Unlimited, a China generative AI ETF by Theme, a European military industry ETF by WisdomTree, a carbon - neutral ETF by Invesco, a bond Covered Call product by Global X, and an aggressive allocation ETF by Amplius [6][7][9]. - Unlimited's 2 new hedge - fund replication strategy products aim to provide 2 times the volatility of similar hedge funds to boost returns, with fees of 0.95% and 1% [7]. 3.2 US ETF Dynamics 3.2.1 US ETF Capital: Continuous Inflows into Bitcoin Products - Last week, US equity ETFs had inflows of over $15 billion, with domestic stocks having more inflows than international ones, and bond ETFs had outflows. Inflow - leading products were mainly broad - based equity ETFs, and BlackRock's Bitcoin and Ethereum ETFs had significant inflows, while small - cap and corporate - bond ETFs had significant outflows [10][12]. - The Russell 2000 ETF had daily outflows last week, and ARKK, which has performed well this year, did not see significant inflows [13]. 3.2.2 US ETF Performance: Significant Rebound of Technology Products in the Second Quarter - Affected by the DeepSeek event, US technology ETFs had a large drawdown in the first quarter but rebounded significantly in the second quarter. Year - to - date returns have exceeded the S&P 500, and the technology sector has had higher gains than other industries in the past three months, with ARKK having a gain of over 30% [14][15]. 3.3 Recent Capital Flow of US Ordinary Public Funds - In May 2025, the total amount of non - money public funds in the US was $21.91 trillion, up $0.85 trillion from April 2025. The S&P 500 rose 6.15% in May, and the scale of domestic equity products in the US increased by 5.49%, slightly lower than the stock price increase [16]. - From July 2nd to July 9th, domestic stock funds in the US had outflows of about $7.5 billion, and bond product inflows expanded to $7.58 billion [16].