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JPMorgan launches $1.5 trillion initiative to finance U.S. shipbuilding
The 10-year Security and Resilience Initiative is aimed at industries tied to national security, including defense, critical minerals, robotics, and energy.
JPMorgan Chase has launched a 10-year, $1.5 trillion Security and Resilience Initiative to finance and invest in industries it links to U.S. national security, supply chain independence, and infrastructure, according to Yahoo Finance. The initiative is set to support a range of areas including critical minerals, robotics, energy, and defense. In explaining the effort, JPMorgan CEO Jamie Dimon said the U.S. has become too reliant on unreliable sources for critical minerals, products, and manufacturing that are essential to national security. Among the equities highlighted in connection with the initiative is General Dynamics, a prime U.S. defense contractor focused on naval shipbuilding and military technology. Yahoo Finance notes General Dynamics, along with Huntington Ingalls, forms a duopoly that builds every nuclear-powered ship for the U.S. Navy. The outlet also points to General Dynamics' role as the prime contractor on the $100 billion Columbia-class nuclear ballistic missile submarine program, as well as its Virginia-class attack submarines work. Yahoo Finance adds that General Dynamics' Marine segment has delivered double-digit growth in 11 of the past 13 quarters.