JPM本季度一切照旧：净利息收入指引目前高于此前预期，为1060亿或1070亿美元，受益于利率上升；同时AI支出庞大而收益尚未显现，回购从上季度的70亿美元放缓至10亿美元。
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好，你来吧。我们有什么？JP，呃，JP Morgan，你想做这个还是 Goldman？好，那就做 JP Morgan。呃，还是老样子。我觉得他们对 AI 智能体说的那些挺有意思。
不管是 Instinct、Muse 还是别的什么，你就是没法进入自己的银行账户。他们不允许。
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.
让我印象深刻的是 5 万亿美元的财富资产，不是，不是客户资产。我觉得是资产管理资产，我印象中是。不管怎样，不是不管怎样。我觉得就是这个数字。这非常大。
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.
我记得他们刚推出 ETF 业务的时候。我记得他们一开始推出的好像是短期债券，当时看起来挺奇怪的。那大概是 2017、2018 年，而现在将近十年过去了，它已经是一股不可阻挡的力量。
绝对是一个庞然大物般的业务。所以，要归功于他们。他在财报里找不到 AI 带来的好处，
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,
首席财务官 Jeremy Barnum 说这些好处目前还看不到。呃，他们在花钱，他们在花钱，他们在花很多钱。我觉得他们的支出，这个季度是 130 亿美元吗？我是说，他们在花很多钱。
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.
是的。所以他纠正了，Mayo 提到 20 亿美元的 AI 成本，他们说不对，全年更像是……他说不对，全年更像是 7 亿美元，呃，全年。
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.
呃，另一件有意思的事是他们停止了回购股票。呃，当时有一些疑问，有一些疑问，比如，呃，这意味着什么？我们是不是得担心这件事？我记得他们大概说的是，这是一个 300 亿美元的回购授权，没有什么特别含义。
我们只是，呃，哦，这是 Bank of America。抱歉。这不是 JP。
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.
不，不，不。JP Morgan 也是。所以他们，所以他们回购了 10 亿美元，比上季度的 70 亿美元有所下降，我记得是这样。
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.
所以 J，呃，JP Morgan，我觉得最重要的指引是关于净利息收入的，确认它高于此前的预期。他说 1060 亿或 1070 亿美元现在是更充分的预期。这仅仅是 JP Morgan 存款资金带来的净利息收入。这要感谢更高的利率。
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.