1、INVESTMENT AND INSURANCE PRODUCTS:NOT A DEPOSIT NOT FDIC INSURED NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY NO BANK GUARANTEE MAY LOSE VALUEInvesting in the new frontier of AI,fragmentation and inflationOUTLOOK 20262The views expressed herein are based on current conditions,subject to change and m

2、ay differ from other JPMorgan Chase&Co.affiliates and employees.The views and strategies may not be appropriate for all investors.Investors should speak to their financial representatives before engaging in any investment product or strategy.This material should not be regarded as research or as a J

3、.P.Morgan Research Report.Outlooks and past performance are not reliable indicators of future results.Please read additional regulatory status,disclosures,disclaimers,risks and other important information at the end of this material.3This has truly been a year of transition.Weve seen a change in lea

4、dership in Washington,D.C.,a new cycle of Federal Reserve interest rate cuts,renewed strength in international markets,and for JPMorganChase,a significant milestone a move into our new global headquarters.As we look ahead,investors are facing a pivotal shift as well.Three powerful forces are shaping

5、 a new market landscape:artificial intelligence,fragmentation and inflation.In our 2026 Outlook,we highlight how AI is set to transform industries and investment opportunities,but it also brings the risk of overenthusiasm.Fragmentation where the global order is dividing into competing blocs and supp

6、ly chains means that resilience and security are more important than ever.And with inflation settling at a higher and more volatile level,investors need to adapt their approach.These long-term trends are unfolding against a generally positive backdrop.The rate-cutting cycle should help fuel a global