Jamie Dimon has warned for years that the U.S. has let itself become dangerously dependent on China. In his 2024 shareholder letter, the JPMorgan Chase CEO argued America had “slept” while China built its economic might. More recently, he has criticized Washington’s sluggish defense procurement and warned about the country’s reliance on China for the critical minerals powering American weapons and technology.
Now his bank has a number to show for it. JPMorgan said on Monday it has financed or facilitated $230 billion into sectors it considers essential for economic and national security—including critical minerals, defense, and frontier technology—a year into its 10-year, $1.5 trillion Security and Resiliency Initiative. The bank also said it committed $5 billion of its own capital investing into defense-related startups like Hadrian and Castelion—halfway through its initial $10 billion allocation.
