Crypto News: Finding the right words

Good morning. Jamie Dimon chooses his words carefully on AI; Bill Winters may be regretting his. And Batman is trying to escape from a warehouse in Mississippi. Listen to the day’s top stories.

— Angela Cullen

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Jamie Dimon is striking a notably less dystopian tone than some of his banking peers on AI’s impact on finance jobs. The JPMorgan CEO said the technology will probably “reduce our jobs down the line,” but argued that the shift can largely be handled through attrition rather than mass layoffs. The bank will probably hire more AI specialists and fewer traditional bankers, he said.

Dimon’s rhetoric contrasts sharply with the more alarmist messaging coming from executives at Goldman Sachs, Standard Chartered and HSBC recently. StanChart’s CEO Bill Winters may find himself wanting to eat his unscripted words as regulators in Hong Kong and Singapore seek clarity on his remarks about “lower-value human capital.” Dimon, meanwhile, reserved harsher comments for New York Mayor Zohran Mamdani’s plans to slap more taxes on the rich. “People think that somehow being anti-business is going to help the city—it’s not,” he said. Jeff Bezos, apparently, isn’t too concerned.

Elsewhere in the billionaire stratosphere, Elon Musk is operating on a different scale, and planet. The SpaceX CEO’s compensation has been tied to whether he can succeed in building colonies on Mars and data centers in orbit. Musk owns about 5.1 billion shares in SpaceX, as well as roughly 350 million options with a strike price of $8.39. That makes him all but certain to become the world’s first trillionaire.

David Solomon Photographer: Paul Yeung/Bloomberg

Goldman CEO Slides Into Musk’s DMs During Bid to Lead SpaceX IPO

Back on Earth, Kroger’s new CEO is preparing a more grounded battle: cutting prices to reclaim market share and take on his former employer, Walmart (which just reported another quarter of solid sales growth, defying growth angst about economic instability). Since taking charge in February, Greg Foran has laid the groundwork for broad price cuts across categories at Krogers, the largest US grocery chain. And in nicotine wars, Philip Morris’s prized Zyn brand—central to its pivot away from cigarettes—is facing mounting pressure from competitors that some consumers say deliver a better pouch experience.

Can you move your career forward by embracing AI? Bloomberg journalists answer your questions about changing skillsets, new executive education programs, rebooting business strategies, and the AI startup boom in a Live Q&A conversation at 3:30 p.m. EDT. Stream here and send questions in advance to liveqa@bloomberg.net.

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Deep Dive: Trading Compute

The Nvidia GB300 Compute Tray during the Nvidia GPU Technology Conference (GTC) in San Jose, California, US, on Thursday, March 20, 2025. Nvidia Corp., whose products have fueled a flood of artificial intelligence spending, said new types of AI models that produce more complex answers will only increase the need for computing infrastructure. Photographer: David Paul Morris/Bloomberg — The Nvidia GB300 Compute Tray.

The race to turn computing power into a tradable commodity is on, with issuers filing the first exchange-traded funds before the underlying futures contracts even begin trading.

Roundhill Investments, the firm behind the fastest-growing ETF launch in history, has filed for an actively managed fund tied to futures tracking the price of processing capacity. Days earlier, ProShares submitted paperwork for its own AI Computing Power ETF to the SEC.
The timing is no accident, coming just after CME and index provider Silicon Data announced plans to launch a futures market for compute, a critical input in the AI boom.
And the pitch is simple. CME CEO Terry Duffy called processing capacity the “new oil of the 21st century,” while BlackRock’s Larry Fink has predicted a futures market where traders speculate directly on computing power.
What remains unclear is whether it will evolve into a true commodity like oil—liquid, standardized and deeply traded—or stay a speculative AI theme wrapped in a hot new commodity banner. Roundhill and ProShares aren’t waiting to find out.

The Big Take

Barricades in front of the Banco Master headquarters in Sao Paulo, following Daniel Vorcaro’s arrest in November 2025.

A $10 billion banking scandal in Brazil has sent corruption back to the top of voters’ concerns. The fallout will help decide who becomes the next president of Latin America’s largest economy.

Big Take Podcast

Demonstrators gather on the statehouse steps during a rally in opposition to congressional redistricting in Columbia, South Carolina. Photographer: Sean Rayford/Getty Images

The Economic Impacts of Redistricting

Opinion

Coal is piled near methanol tanks at the China XLX Fertiliser Ltd. plant in Xinxiang, Henan province, China, on Saturday, May 29, 2010. China XLX Fertiliser Ltd. manufactures urea and compound fertilizer from coal. The company also produces methanol. — Coal is piled near methanol tanks at a plant in China.

India and other Asian powers want to copy China’s method for producing chemicals from coal, which won’t be easy or climate friendly, writes Javier Blas. It would keep the dirtiest fossil fuel in demand for longer, increasing CO2 emissions and global warming.

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Before You Go

Not yet, they ain’t. An alliance of publishers has been trying in vain to free Batman, James Bond, Doctor Who and Cruella de Ville from a warehouse in Mississippi once operated by a comics distributor that went bankrupt in 2025. But at least one powerful adversary is standing in the way: JPMorgan.

A Couple More