JPM's quarter was business as usual: net interest income guidance is now above previous expectations at 106 or 107 billion, helped by higher rates, while AI spending is heavy with benefits not yet visible and buybacks slowed from 7 billion last quarter to a billion dollars.

All right, you go. What do we got? JP uh JP Morgan, you want to do or Goldman? Yeah, let's do JP Morgan. Um, again, it was business as usual. I thought it was interesting what they had to say about the AI agents.

Whether it's Instinct, Muse, or whatever else, you're just not going to be able to get into your bank account. They're not allowing it.

what stood out to me was $5 trillion in wealth assets and and not not client assets. I think it was asset management assets, I believe. Either way, not either way. I think that's the number. That is huge.

I remember when they first launched their ETF business. I think it was like short-term bonds that they launched with and it seemed it seemed weird at the time. This was probably 2017 2018 and here we are nearly a decade later and it's a juggernaut.

It's an absolute behemoth of a business. So, credit to them. He can't find AI benefits in the earnings release,

Jeremy Barnum, the CFO, said they're not visible yet. Um they're spending they're spending they're spending a lot of money. I think their expenses are was it 13 billion for the quarter? I mean they're spending a lot of money.

Yes. So he corrected Mayo cited 2 billion in AI costs and they said no it's more like for the year. He said no it's more like 700 million uh for the year.

Um the other interesting thing is that they stopped buying back stock. Uh and there were there was some question there was some questions about like uh what like what does it mean?

Do we have to do we have to worry about that? And I think they said something like it's a $30 billion buyback authorization and there's no meaning there. We just uh Oh, this is Bank of America. I'm sorry. This wasn't JP.

No, no, no. It was JP Morgan too. So they so they they bought back a billion dollars down from 7 billion last quarter I think.

so J uh JP Morgan I thought the most important piece of guidance was on net interest income confirmed that it's above previous expectations He said 106 or 107 billion is now the fullear expectation.

That's just net interest income on the money on deposit at JP Morgan. And you could thank higher rates for that.