<p>史蒂夫·戈德斯坦</p>
<p>“我很震惊人们会感到震惊，” 一位摩根大通高管谈到私人信贷的后果时表示。</p>
<p>摩根大通表示其在软件方面的风险 “很小”。</p>
<p>市场失调的最明显迹象是银行开始量化其对特定问题的风险敞口。</p>
<p>摩根大通在周一晚间告知投资者其在软件公司的风险敞口，此前市场经历了一次剧烈的抛售，导致该行业的一个基金，即 iShares Expanded Tech-Software Sector ETF IGV，从高点下跌了 33%。</p>
<p>“另一个近期市场关注的话题是，人工智能的进步对软件行业可能带来的风险，” 首席财务官杰里米·巴纳姆在周一的公司例行更新中告诉分析师，相关内容摘自标普全球的会议记录。</p>
<p>“相对于批发投资组合的规模，我们在该行业的风险敞口很小，并且集中在企业软件领域。而对更脆弱的广泛软件行业参与者的风险敞口则相当小。除此之外，人工智能带来的潜在影响显然不仅限于软件行业。因此，我们继续审视整个投资组合，以识别新兴风险。”</p>
<p>分析师们也提出了关于人工智能的问题。富国银行的迈克·梅奥直言问道，银行在人工智能领域是赢家还是输家。</p>
<p>“我可以先说，摩根大通可能在人工智能领域是最终赢家，” 该公司资产管理和财富管理的首席执行官玛丽·卡拉汉·埃尔多斯表示。她说，人工智能帮助员工减少了 “无趣的工作”，并使控制工作减少错误。</p>
<p>商业和投资银行的联合首席执行官特洛伊·罗尔巴赫补充说，即使是人工智能带来的微小效率提升也能产生重大差异。“如果你看看外汇市场这样简单的事情，0.25 个基点的变化，结合我们的规模和体量，就能带来其他人无法获得的收入结果，” 他说。</p>
<p>他还回答了关于私人资本的问题，私人资本因其对软件的风险敞口而受到冲击。蓝猫资本（OWL）今年股价暴跌 30%，阿瑞斯管理（ARES）下跌 29%。</p>
<p>“我很震惊人们会感到震惊，” 他说。“我的意思是，现实是，在这种环境下，随着世界变得越来越不稳定，随着你接近周期的末端，这种结果应该是可以预期的。因此，我们为所有这些情景做好准备。我们对我们的投资组合进行压力测试。我们对所承担的风险非常谨慎。我们觉得在许多方面，我们与同行相比相当保守。”</p>
<p>摩根大通的股票（JPM）在盘前交易中上涨了 0.2%。该股今年已下跌 8%。</p>
<p>-史蒂夫·戈德斯坦</p>
<p>此内容由 MarketWatch 创作，MarketWatch 由道琼斯公司运营。MarketWatch 与道琼斯新闻通讯和《华尔街日报》独立出版。</p>
<p>（完）道琼斯新闻通讯</p>
<p>02-24-26 0448ET</p>

金融指数 MSCI ETF - Fidelity

美国经纪商&证券交易所 ETF - iShares

摩根大通

金融业 ETF - Vanguard

金融业 ETF - SPDR

<p>摩根大通在最近的投资者更新中提到其对软件公司的风险敞口，表示相对于其批发投资组合而言，这一敞口 “较小”。首席财务官杰里米·巴纳姆强调了对人工智能对软件行业影响的担忧，而首席执行官玛丽·卡拉汉·埃尔多斯则指出，人工智能可能使摩根大通在该行业中成为潜在赢家。尽管今年股价下跌了 8%，该银行的股票在盘前交易中小幅上涨了 0.2%</p>

<p>By Steve Goldstein</p>
<div class="lb-trans"><p>史蒂夫·戈德斯坦</p>
</div><p>'I'm shocked that people are shocked,' one JPMorgan executive says of the fallout in private credit</p>
<div class="lb-trans"><p>“我很震惊人们会感到震惊，” 一位摩根大通高管谈到私人信贷的后果时表示。</p>
</div><p>JPMorgan says it has a 'small' software exposure.</p>
<div class="lb-trans"><p>摩根大通表示其在软件方面的风险 “很小”。</p>
</div><p>The surest sign of market dislocation is when banks start quantifying their exposure to a given issue.</p>
<div class="lb-trans"><p>市场失调的最明显迹象是银行开始量化其对特定问题的风险敞口。</p>
</div><p>JPMorgan Chase late Monday told investors about its exposure to software companies in wake of the bruising market sell-off that has taken one fund for the sector, the iShares Expanded Tech-Software Sector ETF IGV, down 33% from its highs.</p>
<div class="lb-trans"><p>摩根大通在周一晚间告知投资者其在软件公司的风险敞口，此前市场经历了一次剧烈的抛售，导致该行业的一个基金，即 iShares Expanded Tech-Software Sector ETF IGV，从高点下跌了 33%。</p>
</div><p>&#34;Another recent topic of market interest is the potential risk in the software industry from the advances in AI,&#34; CFO Jeremy Barnum told analysts on Monday as part of a scheduled company update, according to a transcript from S&amp;P Global.</p>
<div class="lb-trans"><p>“另一个近期市场关注的话题是，人工智能的进步对软件行业可能带来的风险，” 首席财务官杰里米·巴纳姆在周一的公司例行更新中告诉分析师，相关内容摘自标普全球的会议记录。</p>
</div><p>&#34;Our exposure to that industry is small relative to the size of the wholesale portfolio and is concentrated in the enterprise software space. And the exposure to the more vulnerable players in the broader software industry is quite small. Beyond that, the potential impact of AI disruption is obviously not limited to the software industry. So we continue to look across the whole portfolio to identify emerging risks.&#34;</p>
<div class="lb-trans"><p>“相对于批发投资组合的规模，我们在该行业的风险敞口很小，并且集中在企业软件领域。而对更脆弱的广泛软件行业参与者的风险敞口则相当小。除此之外，人工智能带来的潜在影响显然不仅限于软件行业。因此，我们继续审视整个投资组合，以识别新兴风险。”</p>
</div><p>Analysts also had AI questions. Wells Fargo's Mike Mayo, bluntly asked whether the bank was an AI winner or loser.</p>
<div class="lb-trans"><p>分析师们也提出了关于人工智能的问题。富国银行的迈克·梅奥直言问道，银行在人工智能领域是赢家还是输家。</p>
</div><p>&#34;I could just start off by saying JPMorgan could be an endgame winner in the AI space,&#34; said Mary Callahan Erdoes, the company's chief executive of asset management and wealth management. She said AI has helped take out the &#34;no joy work&#34; from employees and make control work less error prone.</p>
<div class="lb-trans"><p>“我可以先说，摩根大通可能在人工智能领域是最终赢家，” 该公司资产管理和财富管理的首席执行官玛丽·卡拉汉·埃尔多斯表示。她说，人工智能帮助员工减少了 “无趣的工作”，并使控制工作减少错误。</p>
</div><p>Troy Rohrbaugh, co-CEO of the commercial and investment bank, added that even marginal gains in efficiency from AI can make a big difference. &#34;If you look at the size and scale of just something as simple as FX, just 0.25 basis point with our size and scale, just gives us a revenue outcome that other people don't have,&#34; he said.</p>
<div class="lb-trans"><p>商业和投资银行的联合首席执行官特洛伊·罗尔巴赫补充说，即使是人工智能带来的微小效率提升也能产生重大差异。“如果你看看外汇市场这样简单的事情，0.25 个基点的变化，结合我们的规模和体量，就能带来其他人无法获得的收入结果，” 他说。</p>
</div><p>He also took on a question about private capital, which has been reeling from its exposure to software. Blue Owl Capital (OWL) shares have tumbled 30% this year and Ares Management (ARES) has fallen 29%.</p>
<div class="lb-trans"><p>他还回答了关于私人资本的问题，私人资本因其对软件的风险敞口而受到冲击。蓝猫资本（OWL）今年股价暴跌 30%，阿瑞斯管理（ARES）下跌 29%。</p>
</div><p>&#34;I'm shocked that people are shocked,&#34; he said. &#34;I mean the reality is, in this environment, as the world gets more volatile, as you get towards the end of the cycle, this outcome should be expected. So we prepare for all of these scenarios. We stress test our book. We're very thoughtful about the risk we take. We feel that in many ways, we're quite conservative compared to our peer set.&#34;</p>
<div class="lb-trans"><p>“我很震惊人们会感到震惊，” 他说。“我的意思是，现实是，在这种环境下，随着世界变得越来越不稳定，随着你接近周期的末端，这种结果应该是可以预期的。因此，我们为所有这些情景做好准备。我们对我们的投资组合进行压力测试。我们对所承担的风险非常谨慎。我们觉得在许多方面，我们与同行相比相当保守。”</p>
</div><p>JPMorgan shares (JPM) edged up 0.2% in premarket trade. The stock has slumped 8% this year.</p>
<div class="lb-trans"><p>摩根大通的股票（JPM）在盘前交易中上涨了 0.2%。该股今年已下跌 8%。</p>
</div><p>-Steve Goldstein</p>
<div class="lb-trans"><p>-史蒂夫·戈德斯坦</p>
</div><p>This content was created by MarketWatch, which is operated by Dow Jones &amp; Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.</p>
<div class="lb-trans"><p>此内容由 MarketWatch 创作，MarketWatch 由道琼斯公司运营。MarketWatch 与道琼斯新闻通讯和《华尔街日报》独立出版。</p>
</div><p>(END) Dow Jones Newswires</p>
<div class="lb-trans"><p>（完）道琼斯新闻通讯</p>
</div><p>02-24-26 0448ET</p>
<div class="lb-trans"><p>02-24-26 0448ET</p>
</div>

摩根大通在详细说明其软件曝光情况时被大量 AI 问题困扰