Making Sense

In this episode of J.P. Morgan’s Making Sense, Gurps Kharaud, head of Equities, Structuring and Financing Digital Markets, sits down with Rui Fernandes, head of Global Structuring, to unpack how structuring is evolving in today’s markets. They discuss what clients are asking for (more leverage, financing, protection and tailored exposures), as well as the need to keep solutions as implementable as possible — in other words, innovate to simplify. The conversation also explores how AI is starting to accelerate speed-to-market, improve customization and enhance long-dated post-trade servicing across complex structured transactions. To learn more about J.P. Morgan's Vida Portfolio Solutions: https://jpmm.com/portfolio-solutions This episode was recorded on August 13, 2026. This communication is provided for information purposes only. Please visit www.jpmorgan.com/disclosures for important disclosures. © 2026, JPMorganChase & Co. All rights reserved.

In this episode of J.P. Morgan’s Making Sense, Bryan Long, Power Trading and Origination at J.P. Morgan, is joined by Sam Tegel, CEO of ElectronX, to explore why US power has become an increasingly attractive and tradable product for a growing wave of global market participants. Against a backdrop of surging data center demand, renewable penetration, and grid complexity, they discuss how short-term electricity derivatives are unlocking new risk management tools and drawing in liquidity from proprietary trading firms, crypto miners, and institutional investors worldwide. The conversation also covers the convergence of power and compute costs, and what deeper market liquidity means for private capital deployment in US energy infrastructure. This episode was recorded on May 19, 2026. The views expressed in this podcast may not necessarily reflect the views of JPMorgan Chase & Co, and its affiliates, together J.P. Morgan, and do not constitute research or recommendation advice or an offer or a solicitation to buy or sell any security or financial instrument. They are not issued by Research but are a solicitation under CFTC Rule 1.71. Referenced products and services in this podcast may not be suitable for you, and may not be available in all jurisdictions. J.P. Morgan may make markets and trade as principal in securities and other asset classes and financial products that may have been discussed. The FICC market structure publications, or to one, newsletters, mentioned in this podcast are available for J.P. Morgan clients. Please contact your J.P. Morgan sales representative should you wish to receive these. For additional disclaimers and regulatory disclosures, please visit www.jpmorgan.com/disclosures © 2026 JPMorgan Chase & Company. All rights reserved.

Can international equities keep leading as the rally broadens? In this episode of Making Sense, Edwina Lowe from J.P. Morgan's Data Assets and Alpha Group sits down with Federico Manicardi, head of International Market Intelligence, and Jigar Vakharia from the Positioning Intelligence team to unpack the landscape. They look at what’s driving Europe’s strength, why APAC is moving from stabilization to accumulation and how investor positioning is evolving across regions. They also discuss the key themes in play — from AI and semiconductors to miners and banks — as well as what risks could disrupt the path ahead, including rates, geopolitics and the fragility of investor conviction. This episode was recorded on August 13, 2026. The podcast's views do not necessarily reflect those of J.P. Morgan Chase & Co or its affiliates (together “J.P. Morgan) and are not from J.P. Morgan’s Research Department. They do not constitute recommendations or offers to buy or sell securities. Intended for institutional and professional investors, not retail use, it is for informational purposes only. Products and services mentioned may not suit all investors or be available in all jurisdictions. J.P. Morgan may make markets and trade in discussed securities and asset classes. Visit www.jpmorgan.com/disclosures/salesandtradingdisclaimer for more disclaimers and regulatory disclosures. External speakers' opinions are personal and not J.P. Morgan's views. © 2026 JPMorgan Chase & Company. All rights reserved.

Hedge funds are back in focus as elevated stock-bond correlations challenge traditional portfolio construction. In this episode, Kumar Panja, EMEA head of Capital Advisory Group at J.P. Morgan, sits down with Joe Dowling, global head of Blackstone’s Multi-Asset Investing business (BXMA), and Riad Abrahams, head of Strategy, Risk and Quant Analytics in BXMA. Together, they discuss how Blackstone evaluates and partners with hedge fund managers, how they think about diversification versus “di-worsification” and why drawdown correlation matters as much as headline performance. They also explore the rise of managed accounts and seeding, the role of leverage and crowded positioning and how data and AI could reshape the next era of hedge fund edge.This episode was recorded on June 26, 2026. The podcast’s views do not necessarily reflect those of J.P. Morgan Chase & Co. or its affiliates (together “J.P. Morgan’) and are not from J.P. Morgan’s Research Department. They do not constitute recommendations or offers to buy or sell securities. Intended for institutional and professional investors, not retail use, it is for informational purposes only. Products and services mentioned may not suit all investors or be available in all jurisdictions. The information contained in this podcast shall not form the primary basis of any investment decision. It is the user’s responsibility to independently confirm the information and to obtain any other information deemed relevant to any investment decision. J.P. Morgan makes no representation or warranty (express or implied) regarding the fairness, accuracy, fitness for purpose, correctness or completeness of the statements, opinions, estimates, conclusions and other information contained in this podcast and J.P. Morgan accepts no responsibility whatsoever for any loss, direct or indirect, arising in connection therewith. J.P. Morgan may make markets and trade in discussed securities and asset classes. Visit www.jpmorgan.com/disclosures/salesandtradingdisclaimer for more disclaimers and regulatory disclosures. External speakers’ opinions are personal and not J.P. Morgan’s views. @2026 JPMorgan Chase & Company. All rights reserved.

Markets have remained notably risk-on in 2026, even as geopolitical fragmentation, energy chokepoints and intensifying U.S.-China competition continue to raise the stakes for investors and businesses. In this episode of J.P. Morgan’s Making Sense, Joyce Chang, chair of Global Research at J.P. Morgan, is joined by Paul Haenle, head of APAC Policy and Strategic Competitiveness at J.P. Morgan, and Karim Sadjadpour, senior fellow at the Carnegie Endowment for International Peace, to unpack how the Middle East conflict could continue to unfold — and what elevated geopolitical risk means for global markets. They discuss the strategic objectives and end states of the conflict, how ongoing disruptions in the Strait of Hormuz and Bab el-Mandeb could impact global oil and LNG flows, as well as how China weighs the risks of instability against the opportunities of U.S. distraction. The conversation also looks ahead to the September U.S.-China summit and explores how AI competition is reshaping the relationship between the world’s two largest economies. This episode was recorded on July 22, 2026. This communication is provided for information purposes only. Please visit www.jpmm.com/research/disclosures for important disclosures. JPMorgan Chase & Co. or its affiliates and/or subsidiaries (collectively, J.P. Morgan) normally make a market and trade as principal in securities, other financial products and other asset classes that may be discussed in this communication. This communication has been prepared based upon information from sources believed to be reliable, but J.P. Morgan does not warrant its completeness or accuracy except with respect to any disclosures relative to J.P. Morgan and/or its affiliates and an analyst's involvement with any company (or security, other financial product or other asset class) that may be the subject of this communication. Any opinions and estimates constitute our judgment as of the date of this material and are subject to change without notice. Past performance is not indicative of future results. This communication is not intended as an offer or solicitation for the purchase or sale of any financial instrument. J.P. Morgan Research does not provide individually tailored investment advice. Any opinions and recommendations herein do not take into account individual circumstances, objectives, or needs and are not intended as recommendations of particular securities, financial instruments or strategies. You must make your own independent decisions regarding any securities, financial instruments or strategies mentioned or related to the information herein. Periodic updates may be provided on companies, issuers or industries based on specific developments or announcements, market conditions or any other publicly available information. However, J.P. Morgan may be restricted from updating information contained in this communication for regulatory or other reasons. This communication may not be redistributed or retransmitted, in whole or in part, or in any form or manner, without the express written consent of J.P. Morgan. Any unauthorized use or disclosure is prohibited. Receipt and review of this information constitutes your agreement not to redistribute or retransmit the contents and information contained in this communication without first obtaining express permission from an authorized officer of J.P. Morgan. © 2026, JPMorganChase & Co. All rights reserved.

What's the right price for AI stocks? In this episode of Making Sense, Eloise Goulder, head of the Data Assets and Alpha Group at J.P. Morgan, speaks with Helen Jewell, International CIO of Fundamental Equities at BlackRock, about differentiating within the AI trade, and identifying companies with durable earnings power and high return on capital growth, versus simply those trading with momentum. They discuss where the market is (and isn't) discriminating across semis, memory and software and what to watch as the AI capex cycle evolves. This episode was recorded on April 6, 2026. The podcast's views do not necessarily reflect those of J.P. Morgan Chase & Co or its affiliates (together “J.P. Morgan) and are not from J.P. Morgan’s Research Department. They do not constitute recommendations or offers to buy or sell securities. Intended for institutional and professional investors, not retail use, it is for informational purposes only. Products and services mentioned may not suit all investors or be available in all jurisdictions. J.P. Morgan may make markets and trade in discussed securities and asset classes. Visit www.jpmorgan.com/disclosures/salesandtradingdisclaimer for more disclaimers and regulatory disclosures. External speakers' opinions are personal and not J.P. Morgan's views. © 2026 JPMorgan Chase & Company. All rights reserved.