Jamie Dimon, CEO of JPMorgan, said the risk of a decline in US stock markets is higher than current market estimates. He added that he fears a major market correction within a period ranging from six months to two years.

He stated that artificial intelligence is a real phenomenon and will benefit the world in the long term, but that does not mean all investors in it will make gains, and “some of the money invested in AI will likely be lost.”

He expressed some concern about inflation levels, while several factors create uncertainty, including geopolitical tensions and high fiscal spending.

On Friday, shares of giant tech companies suffered a sharp decline, losing about $770 billion in market value, after Nvidia, Amazon, and Tesla shares each dropped about 5%, pushing the Nasdaq index down by 3.6%, its worst performance since last April.

These declines came after US President Donald Trump threatened to impose a “massive increase” in tariffs on Chinese imports, before later announcing that the US would impose 100% tariffs on imports from China starting November 1, in addition to restrictions on exporting “critical software,” increasing pressure on tech stocks in after-hours trading.