JPMorgan Chase CEO Jamie Dimon is calling for a broad recommitment to American ideals as his bank navigates geopolitical uncertainty, a teetering economy and the revolutionary impact of artificial intelligence.

Dimon in his annual letter to shareholders, published Monday, noted the country’s 250th anniversary as “the perfect time to rededicate ourselves to the values that made this great nation of ours — freedom, liberty and opportunity.”

“The challenges we all face are significant. The list is long but at the top are the terrible ongoing war and violence in Ukraine, the current war in Iran and the broader hostilities in the Middle East, terrorist activity and growing geopolitical tensions, importantly with China,” Dimon said. “Even in troubled times, we have confidence that America will do what it has always done — look to the values that have defined our singular nation and sustained our leadership of the free world.”

Dimon, the longtime leader of the world’s largest bank by market cap, is among the most outspoken of U.S. corporate leaders. His annual letter offers not only a matter of record for his firm’s performance, but also sweeping perspectives on the global state of affairs.

In Monday’s letter, Dimon noted headwinds including global conflicts, persistent inflation, private market upheaval and what he called “poor bank regulations.”

Dimon said that while regulations like those put in place after the 2008 financial crisis “accomplished some good things … they also created a fragmented, slow-moving system with expensive, overlapping and excessive rules and regulations — some of which made the financial system weaker and reduced productive lending.”

He specifically cited negative consequences of capital and liquidity requirements, the current construction of the Federal Reserve’s stress test and a “badly handled” process at the Federal Deposit Insurance Corp.

Dimon also said JPMorgan’s reaction to revised proposals for Basel 3 Endgame and a global systemically important bank, or GSIB, surcharge — issued by U.S. regulators last month — were “mixed.”

“While it was good to see that the recent proposals for the Basel 3 Endgame (B3E) and GSIB attempted to reduce the increase in required capital from the 2023 proposals, there are still some aspects that are frankly nonsensical,” Dimon said.

The CEO said with the aggregate proposed surcharges of about 5%, the bank would need to hold “as much as 50% more capital across the vast majority of loans to U.S. consumers and businesses when compared with a large non-GSIB bank for the same set of loans.”

“Frankly, it’s not right, and it’s un-American,” he said.

No sky perks for you!

Delta Air Lines suspended its airport escorts and red coat services for members of Congress and their staff because of the ongoing partial shutdown of the Department of Homeland Security, the air carrier said Tuesday.

The move comes a week after Delta CEO Ed Bastian blasted Congress during an interview with CNBC’s “Squawk Box” for failing to authorize pay for Transportation Security Administration agents during the shutdown of the agency that includes TSA.

“Due to the impact on resources from the longstanding government shutdown, Delta will temporarily suspend specialty services to members of Congress flying Delta,” Delta said in a statement to CNBC.

“Next to safety, Delta’s No. 1 priority is taking care of our people and customers, which has become increasingly difficult in the current environment,” the airline said.

Delta’s action was first reported by the Atlanta Journal-Constitution

Delta’s Capital Desk, which is a reservation line for members of Congress and staffers, remains open.

But for now, those customers will be treated like any other passengers based on their respective Sky Miles status.

The move comes as airports around the U.S., including major hubs in cities such as Atlanta, where Delta is based, are seeing extra-long security lines as a result of elevated absences by TSA agents, who are set to miss their second full paycheck this week.

Bastian last week fumed to CNBC that it is “inexcusable that our security agents, our frontline agents, that are essential to what we do, are not being paid. And it’s ridiculous to see them being used as political chips.

“So, we’re outraged,” Bastian said.

“And if there’s a call to action here — and I think over 90% of the American public supports those people getting paid — ask our folks right here in Washington to do their job, get our people paid. They can do it,” the CEO said.

United Airlines, when asked by CNBC if it had suspended its similar perks for members of Congress, said, “We don’t have any changes to announce today.”

CNBC has requested comment from American Airlines about its services for federal lawmakers.

Airline executives have railed against lawmakers in recent months, urging them to ensure that essential government workers like TSA officers are paid during shutdowns, which have become increasingly common.

Repeated funding impasses, including in early 2019 and as recently as last fall, ended shortly after absences of government workers who were required to work without pay increased.

A multibillion-dollar crypto asset manager cites several reasons for the bitcoin plunge, but he’s listing “the four-year cycle” as the No. 1 downward catalyst.

According to Matt Hougan, chief investment officer at Bitwise Asset Management, it’s a phenomenon that’s happened three other times in the crypto market.

“People are looking for one thing to blame for the current retracement in bitcoin. But there is not any one thing to blame,” he told “ETF Edge” on Monday.

Hougan contends investors have been favoring other hot investments including gold and artificial intelligence stocks over cryptocurrencies, too.

“There is some quantum risk. There is fear of [Fed nominee] Kevin Warsh,” he said. “In bear markets, all these things are amplified.”

When he was on “ETF Edge” last November, bitcoin had fallen below the $90,000 mark for the first time since April. Its record high of $126,279 was hit in October.

In eToro‘s IPO filing, ahead of the company’s market debut on Wednesday, the stock trading platform spent over 1,500 words spelling out the potential risks of operating in Israel, home to corporate headquarters.

While the current military conflict between Israel and Hamas hasn’t “materially impacted” business, “the continuation of the war and any escalation or expansion of the war could have a negative impact on both global and regional conditions and may adversely affect our business, financial condition, and results of operations,” eToro wrote in a section of the filing titled “Risks related to our operations in Israel.”

The company, which lets users trade stocks, commodities and cryptocurrencies, was founded in 2007 by brothers Yoni and Ronen Assia and David Ring, and is based in Bnei Brak, near Tel Aviv.

In its prospectus, eToro referenced the attacks of Oct. 7, 2023, by Palestinian Islamist group Hamas on Israel. In the year and a half since then, the two sides have mostly been at war in the Gaza Strip, where tens of thousands of Palestinians have been killed and much of the area has been made uninhabitable.

Tensions have also escalated with other designated militant groups in the region, including Hezbollah in Lebanon and the Houthis in Yemen.

“It is possible that these hostilities will escalate in the future into a greater regional conflict, and that additional terrorist organizations and, possibly, countries, will actively join the hostilities,” eToro wrote, adding that the magnitude of the conflict is “difficult to predict.”

Yoni Assia, eToro’s CEO, told CNBC in an interview that the company’s business is global, with operations worldwide. Regarding the challenges of being in Israel, Yoni Assia said “everything is in the risk factors.”

“We do hope to see more peaceful times,” he said. “It’s better for everyone and for our employees from a business point of view.” 

EToro, which competes with Robinhood, had its Nasdaq debut on Wednesday. The stock popped 29% a day after eToro priced shares above the expected range. At the close of trading, the company was valued at about $5.4 billion.

EToro’s IPO comes as several tech companies get set to test the public markets following an extended drought dating back to the soaring inflation of 2022.

After the attacks of Oct.7, thousands of Israelis were called up for extended active reserve duty that caused some disruption to the country’s flourishing tech community. Ongoing obligations could “impact our competitive position and cause our sales to decrease,” eToro wrote.

Israel has also faced some backlash for its military campaign in Gaza.

The eToro filing cited International Criminal Court warrants for the arrests of Prime Minister Benjamin Netanyahu and his former minister of defense, and calls for boycotts from activist groups as potential roadblocks for the business.

The country has also been hit with credit downgrades from Fitch, Moody’s and S&P Global that could harm eToro’s operations, the filing said.

Etoro said that intensified cyberattacks since 2023, and potential damages from armed attacks, could raise costs or incapacitate its workforce due to safety concerns.

The company also highlighted tax law differences between the U.S. and Israel and the location of its executives as a potential risk factor.

“It may be difficult to enforce a U.S. judgment against us, our officers and directors in Israel or the United States, or to assert U.S. securities laws claims in Israel or serve process on our officers and directors,” eToro wrote.

WATCH: Shares of eToro soar in Nasdaq debut

Super Micro issued disappointing guidance on Tuesday, a week after the server maker provided preliminary results for the latest quarter that fell shy of Wall Street’s expectations. The stock slid about 4% in extended trading.

Here’s what the company reported in comparison with LSEG consensus:

• Earnings per share: 31 cents adjusted vs. 50 cents expected
• Revenue: $4.60 billion vs. $5.42 billion expected

While the latest numbers were below analysts’ estimates, they were in line with early results Super Micro disclosed last week. The company said at the time that revenue in the fiscal third quarter would be between $4.5 billion and $4.6 billion, and that earnings per share would fall in the range between 29 cents and 31 cents. The stock plummeted 12% following that release.

But Super Micro on Tuesday gave investors their first glimpse into fourth-quarter results, and those are also below expectations. Super Micro called for 40 cents to 50 cents in adjusted earnings per share on $5.6 billion to $6.4 billion in revenue. Analysts polled by LSEG had been looking for 69 cents in adjusted earnings per share on $6.82 billion in revenue.

The macroeconomic environment is likely to weigh on performance, the company said, following President Donald Trump’s announcement in early April of sweeping new tariffs on imported goods.

During the fiscal third quarter, Super Micro saw “a customer waiting and evaluating AI platforms between the current Hopper and the upcoming Blackwell GPUs, leading to a delayed commitment,” CEO Charles Liang said on a conference call with analysts. He said he expects the commitment to come in the June and September quarters.

Liang said the company is not giving fiscal 2026 guidance because of tariff-related uncertainty.

Super Micro’s revenue grew 19% year over year during the quarter, which ended on March 31. Net income of 17 cents per share was down from 66 cents in the same quarter a year ago.

It has been a treacherous past year for Super Micro. Prior to that, the stock had been on a tear due to the company’s position in the artificial intelligence market, selling servers packed with Nvidia’s graphics processing units.

Over the summer, short seller Hindenburg Research issued a report on Super Micro, claiming it had found proof of “accounting manipulation.” In October, Ernst & Young resigned as the company’s auditor after raising concerns about internal control over financial reporting and other matters.

An independent special committee investigated but “did not raise any substantial concerns about the integrity of Super Micro’s senior management or Audit Committee, or their commitment to ensuring that the Company’s financial statements are materially accurate,” according to a statement.

In February, Super Micro filed an annual report for its 2024 fiscal year, which ended on June 30, helping to keep the stock from being delisted on Nasdaq. Staff from the exchange had informed Super Micro that the company was back in compliance with filing requirements, according to a statement.

As of Tuesday’s closing bell, Super Micro had gained 9% so far in 2025, while the S&P 500 index had declined 4%.