SUCCESS

You can’t fix a problem without admitting you have one.

Restaurant Brands International’s Burger King has done exactly that.

Burger King U.S. President Tom Curtis admitted that even he had lost his fandom of the restaurant chain. “Then I watched the brand as a non-guest, and I didn’t see any changes in the restaurant. So I was never inspired to go back for maybe 15 years,” he told Entrepreneur.

And yet, he also saw something else: People still wanted to love Burger King. “The brand had gotten old, tired, irrelevant,” he said. “But there was a latent love and nostalgia around the brand. People wanted to return to it. They just needed a reason.”

Burger King has been working on giving them that reason since launching its “Reclaim the Flame” program in 2022. It has also embraced the idea that, in addition to remodeling restaurants, it needed to address its food.

Burger King made major in-store changes

When “Reclaim the Flame” launched, Burger King had fallen below Wendy’s in systemwide sales, making it the number-three player with McDonald’s at the top of the burger space.

The company explained its progress in executing that program during its second-quarter earnings call.

“This plan includes investing up to $700 million through year-end 2028, comprised of advertising and digital investments and high-quality remodels and the ‘Royal Reset,’ which includes relocations, restaurant technology, kitchen equipment, and building enhancements,” the company shared.

As of June 30, 2026, Restaurant Brands International, Burger King’s parent company, has funded $194 million out of up to $550 million planned toward the Royal Reset investments.

CEO Joshua Kobza acknowledged that there’s a lot of work left to do.

“As much as we’ve made progress on image, we still have a lot of restaurants out there that aren’t modern image. So I think we still have a few years left of getting to that point we’ve all talked about, where almost every Burger King across America is a new, modern Burger King,” he said during the second-quarter earnings call.

Burger King fixes its food

Burger King’s current television commercials include ads where it admits that its chicken nuggets weren’t good enough. Kobza talked about the process of fixing them during Barclays 19th Annual Global Consumer Staples Conference on Sept. 9.

“We upgraded the quality of the product. It’s juicier, full white meat chicken. We improved the crispiness of the coating on the nugget,” he said.

The chain, however, did not stop at fixing the nugget.

“And also, importantly, everybody who loves nuggets knows that nuggets go well with sauces. So we’ve been on a journey to upgrade our sauces. It’s actually been a project that’s been going on for a few years,” Kobza added.

The CEO admitted that work remains.

“I still think there’s a long way to go. Burger King has improved, but it can be much, much better. We have a whole kind of calendar for a couple of years of further things that we want to do to elevate the menu… and that will take us a little bit of time to get through,” he shared.

Burger King is back to number two

Burger King is once again the second-largest burger chain in the U.S. by systemwide sales, according to CNBC.

Kobza talked about the chain’s performance during the Q2 earnings call.

“Burger King U.S. was a standout performer this quarter,” he said. “…Through the first half of 2026, we’ve delivered above algorithm same-store sales of 3.5% and organic adjusted operating income growth of 8.5%, along with nearly 14% adjusted EPS growth.”

Passing Wendy’s to sit behind McDonald’s is a milestone in Burger King’s comeback.

RTM Nexus CEO Dominick Miserandino thinks that the company deserves credit for patience and execution.

“Burger King’s turnaround is a good reminder that there usually isn’t one magic promotion that fixes a restaurant chain. They’ve been putting money into the stores, improving operations, fixing the menu and getting franchisees healthier,” he told TheStreet.

Making an impact, he added, takes time.

“Eventually the customer notices. The growth in same-store sales tells you they’re not just getting existing customers to spend more. They’re giving people a reason to consider Burger King again,” he said.

Related: Kroger and Costco help shoppers cut a major expense

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Why we love this deal

Many luxury watches communicate a lot about the wearer, whether consciously or subconsciously. That’s why having a watch on your wrist can give off a more sophisticated appearance. If you already have a high-end watch collection or you’re looking to start one, Amazon can help you add to or start one. A gorgeous Bulova watch is marked down over half off during Prime Big Deal Days, and if you want a chance to get this deal, you’ll have to be quick. There are only a few hours left to shop the sale.

The Bulova Marine Star 6-Hand Chronograph is a stellar choice, especially while it’s 52% off during October Prime Day. Considering you can add it to your cart for only $238, you might consider grabbing one for yourself and a loved one as a holiday gift. If you were ever going to pull the trigger on a luxury watch, today is the day to do it. The Prime Big Deal Days sale ends in just a few hours, so time is of the essence.

Bulova Marine Star 6-Hand Chronograph, $238 (was $495) at Amazon

Courtesy of Amazon

Shop at Amazon

Why do shoppers love it?

This watch exudes class and quality. It’s sturdy, looks elegant, and is highly accurate and dependable. The case and bracelet are made from sturdy 316L stainless steel, which means you don’t have to worry about damage due to exposure to moisture and humidity. What’s more, being part of the brand’s robust Marine Star line, the watch has 100 meters of water resistance, allowing you to swim in a pool or the ocean without fear of damaging the internal mechanics. It has a reasonable case diameter of just 41.5 millimeters as well. With so many affordable watches getting bigger and bigger, this model stays in the moderate zone that looks great on any wrist size.

The beautiful luster of the steel case and bracelet looks wonderful next to the deep blue of the dial. There are applied hour markers around the outside of the dial, along with a very legible minute track. The three chronograph subdials have white outlines, which add a bold look to the overall aesthetic. Gold colored accents adorn the hour markers, handset, bezel, bracelet, pushers, and crown. It’s a subtle yet sophisticated design cue that gives the watch a bit more panache than a standard steel-only model. The handset and hour markers all have a luminescent coating that allows you to read the time in low-light scenarios.

The movement powering this watch is a Bulova quartz-regulated chronograph movement. It powers the handset for time, but also the three subregisters, which measure running seconds, minutes, and hours. This type of movement is highly accurate and will keep better time in most cases than some of the most expensive mechanical Swiss watches from Rolex, TAG Heuer, and the like. What’s more, you’ll only need to change the battery once every couple of years to keep it running. This lovely timepiece is available in four attractive color variants. 

Related: Citizen’s $178 luxury watch has 100 meters of water resistance

Details to know

Case size: 41.5 millimeters.

Material: 316L stainless steel.

Water resistance: 100 meters.

Movement: Bulova quartz-regulated movement.

Amazon shoppers were very impressed with this watch. One called it a “fantastic-looking watch,” before adding that it’s “nicely weighted” and that “one workmate asked if it was a Rolex, as it looks that good.”

Shop more deals 

Citizen Promaster Sea Eco-Drive Dive Watch, $349 (was $495) at Amazon

Citizen Eco-Drive Weekender Brycen Watch, $239 (was $450) at Amazon

Bulova Marine Star Series B Watch, $291 at Amazon

If you want a head-turner of a luxury watch that won’t set you back an arm and a leg, then the Bulova Marine Star 6-Hand Chronograph is a smart buy. With Prime Big Deal Days almost over, this may be your last chance for a luxury watch deal this good. 

Cathie Wood, head of Ark Investment Management, is known for making big bets on disruptive tech stocks. Sometimes, she’ll buy when these stocks are already rising.

That’s what she just did with Meta Platforms (META), buying shares after the social media giant surged about 17% over the past month.

Last year, the flagship Ark Innovation ETF gained 35.49%, far outpacing the S&P 500’s return of 17.88% in the same period. So far this year, Wood’s flagship Ark Innovation ETF (ARKK) is up 14.80% as of writing, while the S&P 500 surged 13.97%, Yahoo Finance data shows.

Wood gained a reputation after the Ark Innovation ETF delivered a rosy 153% return in 2020. But her style also brings painful losses in bearish markets, as seen in 2022, when the ETF tumbled more than 60%.

Those swings have weighed on Wood’s long-term gains. As of Oct. 6, her Ark Innovation ETF has delivered a five-year annualized return of -3.66%, while the S&P 500 has an annualized return of 12.37% over the same period, according to data from Morningstar.

Cathie Wood remains optimistic about AI and tech revolution

Wood focuses on high-tech companies across artificial intelligence, blockchain, biomedical technology, and robotics. She believes these businesses have strong growth potential, but their volatility often causes fluctuations in the Ark’s funds.

Over the decade ended 2025, the Ark Innovation ETF wiped out nearly $5 billion in investor wealth, according to a report by Morningstar’s analyst Amy Arnott. That made it the fourth-biggest wealth destroyer among mutual funds and ETFs in the ranking. 

Wood defended her investment strategy after an audience member at a recent summit questioned ARK’s performance compared with the Invesco QQQ Trust (QQQ).

“I welcome the question. Investors deserve to understand both their returns and the decisions behind them,” Wood said in a post on X (the former Twitter) on Oct. 5.

Related: Cathie Wood buys $81.5 million of surging semiconductor stock

She argued that the ARK Innovation ETF (ARKK) and QQQ are built differently. QQQ tracks the Nasdaq-100 Index, while ARK actively invests in companies it believes are driving disruptive innovation across industries including healthcare, financial services, and transportation.

Wood has long been optimistic about AI, which she sees as a major driver of productivity, economic growth, and corporate profits in the years ahead. She has also pushed back against recent fears that AI could pose an existential threat to humanity.

On Sept. 12, Wood reposted an X post from David Sacks, saying that he made a good case that the “AI will kill humanity” headlines were orchestrated.

At the same time, Wood acknowledged that AI, like other technologies, can be used for harmful purposes. She said people such as Elon Musk who highlight AI’s potential risks are “doing us a great service,” adding that “half of the solution — including AI — is understanding the problem.”

In August, Wood said U.S. corporate profits remain unusually strong, with domestic profits before tax at 13.2% of GDP, a level she said is near multi-decade highs. 

Some of that strength came from the massive monetary and fiscal stimulus during the pandemic, but Wood believes another factor is helping sustain margins today: Companies are leaning into AI and productivity gains to protect them.

“I think we’re still early in seeing how far that can go,” she said, adding that companies that use AI effectively will “separate themselves from the ones that don’t.”

Some investors agree with Wood’s optimism. Over the past month through Oct. 5, the Ark Innovation ETF saw roughly $2.3 billion in net inflows, according to data from ETF research firm VettaFi. 

Over the past month through Oct. 5, the Ark Innovation ETF saw roughly $2.3 billion in net inflows.Getty Images

Cathie Wood buys $7.8 million of Meta stock

On Oct. 6, Wood’s Ark funds bought a total of 10,789 shares of Meta Platforms (META), according to Ark’s daily trading information sent to TheStreet. These shares were worth about $7.8 million based on the latest trading price of $724.97.

The social media giant is pushing deeper into AI agents. In September, it launched Muse, a personal AI agent. The app has now become one of the most popular personal AI agents since its debut, climbing to the top of Apple’s App Store ahead of ChatGPT, CNBC noted.

Related: Qualcomm CFO says look beyond the Apple deal

Meta described Muse as a “widely available personal AI agent” designed for everyday users that can take actions on their behalf and help with daily tasks.

“It can handle tasks, like sending an email or booking travel, and it can take on big, audacious goals,” Meta said in a statement.

After rolling out Muse, Meta is also working with companies such as Walmart and Stripe to bring AI agents further into the business world. The group is developing a “personal agent protocol,” an open standard that defines how AI agents interact with businesses, CNBC reported. 

However, Amazon (AMZN) has blocked Meta’s agents over concerns about website scraping. 

Shares of Meta have gained more than 17% over the past month as of writing. Still, Meta shares are up 9.8% year to date, underperforming the S&P 500 index.

Wells Fargo analyst Ken Gawrelski recently raised the firm’s price target on Meta Platforms to $1,000 from $796 and kept an Overweight rating on the stock. 

The analyst said the enthusiasm around the Muse product cycle was “warranted,” according to The Fly’s reporting on Oct. 6, StockTwits noted.

However, Wells Fargo expects Meta’s third-quarter earnings call to offer some caution for investors who are expecting Muse to make a financial contribution in 2027.

Gawrelski also expects Wall Street’s 2027 EPS to likely fall due to higher operating expenses.

Meta is not a top-10 holding in the Ark Innovation ETF. 

Top 10 holdings in the Ark Innovation ETF by market value and weight as of Oct. 7, 2026:

Tesla (TSLA) – 9.59%, $903.5 million

SpaceX (SPCX) – 6.94%, $653.8 million

Tempus AI (TEM) – 5.10%, $480.7 million

Circle Internet Group (CRCL) – 4.61%, $434.3 million

Coinbase Global (COIN) – 4.32%, $407.0 million

CRISPR Therapeutics (CRSP) – 4.28%, $403.3 million

Robinhood Markets (HOOD) – 3.74%, $351.9 million

Twist Bioscience (TWST) – 3.61%, $340.5 million

Shopify (SHOP) – 3.54%, $333.0 million

Nvidia (NVDA) – 3.11%, $293.0 million

Other than buying Meta shares, Wood’s latest trades included buying Archer Aviation (ACHR), CoreWeave (CRWV), Kratos Defense (KTOS), Symbotic (SYM), Joby Aviation (JOBY), Aurora Innovation (AUR), AeroVironment (AVAV), Amazon (AMZN), Block (XYZ), and Veracyte (VCYT).

She also sold shares of Robinhood (HOOD), SpaceX (SPCX), Teradyne (TER), Tempus AI (TEM), 10x Genomics (TXG), Twist Bioscience (TWST), DraftKings (DKNG), and Personalis (PSNL).

Related: Cathie Wood buys $19.2 million of tumbling AI stock

Artificial intelligence has given companies powerful new tools. It’s made it more difficult for corporate IT teams to manage such products.

Businesses must choose what those agents can see, what they can do, and how to monitor their behavior as they move from testing AI to allowing autonomous agents to access corporate data and carry out tasks.

According to Melius Research, Microsoft (MSFT) may benefit from that issue.

Melius analyst Ben Reitzes upgraded Microsoft to Buy from Hold and raised his price target to $665 from $465, according to Barron’s. Reitzes argued that rising demand for AI security and governance could strengthen Microsoft’s position as companies look for trusted systems to manage models and agents.

The theory extends beyond Microsoft’s current position as a leading provider of cloud computing capacity.

With Azure, Microsoft 365, and its cybersecurity technologies, Microsoft is already present in many major corporations. These current connections may increase in value if companies desire a single platform to control how AI interacts with their data and personnel.

This gives investors another opportunity to profit from the AI boom: helping businesses maintain control over the technology after they implement it.

Microsoft could turn AI complexity into an advantage

The availability of improved models and sufficient processing power to run them was a major factor in the early stages of the artificial intelligence boom.

Businesses may now choose models from many developers, and AI agents can access databases, analyze documents, and take actions with less direct human intervention. Although this flexibility increases the technology’s usefulness, it also raises additional concerns about security, compliance, and authorization.

According to Melius, Microsoft is in a good position to act as a mediator between business clients and such AI systems.

Instead of granting individual AI suppliers direct access to critical systems, businesses may use a platform that decides which models perform certain tasks, while controlling what agents are allowed to access.

Reitzes believes requirements like these might strengthen Microsoft’s corporate position and increase its pricing power, Barron’s noted.

The company is already developing products based on that concept. Microsoft said Agent 365 extends existing identity, security, management, and governance controls to AI agents. Just two months after launch, nearly 40 million agents had been registered across tens of thousands of companies.

This provides a quantifiable operational environment for the Melius thesis.

For every business endeavor, Microsoft does not necessarily need to have the best AI model. Instead, it may become the system that businesses use to handle a variety of models.

Additionally, the business may connect a number of its goods around that function. The computer infrastructure is provided by Azure, workplace apps are managed by Microsoft 365, identity is managed by Entra, and risks and access are monitored by Microsoft’s security solutions.

Customers may have additional incentives to purchase numerous Microsoft products rather than assembling disparate services from various providers as those systems become more linked.

Because of these factors, corporate AI’s increasing complexity may become a competitive advantage for Microsoft, rather than just another technological obstacle.

Azure gives Microsoft another way to capture AI spending

With significant demand now flowing via Azure, Microsoft is moving into the next stage.

Azure and other cloud-services revenue increased 43% in Microsoft’s fiscal fourth quarter ended June 30. Microsoft Cloud revenue rose 27% to $59.3 billion, while Intelligent Cloud revenue increased 32% to $39.3 billion, according to a Microsoft statement.

The demand has been high enough to surpass Microsoft’s present computer capability.

According to Microsoft, throughout the quarter, customer demand for Azure remained higher than available capacity. To increase capacity online, the corporation has been making significant investments in data centers and other infrastructure.

Melius anticipates that growth will contribute to yet another acceleration.

The firm forecasts Azure growth of more than 50% by Microsoft’s fiscal fourth quarter of 2027, according to Investing.com. Melius also raised its fiscal 2027 and fiscal 2028 earnings estimates following the upgrade.

These projections are significant because investors have been questioning whether Microsoft’s massive infrastructure expenditure can provide sufficient returns for the majority of the AI boom.

The company’s current backlog indicates that demand is still high.

By the conclusion of the June quarter, Microsoft’s commercial remaining performance obligation had increased by 84% to $678 billion. The metric includes contracted commercial income that has not yet been recognized.

Notably, Microsoft claimed that clients outside of frontier-model businesses were the source of all sequential increases in that backlog. The remaining performance requirement rose by 25% when OpenAI was excluded.

This implies that Microsoft’s cloud potential extends beyond the expenditures of a few major AI developers.

Security and governance might further expand it.

Microsoft may be able to track expenditure at many levels of the AI stack if companies use Azure more often to manage how agents interact with corporate systems in addition to running models.

Microsoft’s next AI edge may come from control.KENT NISHIMURA / Getty Images

Microsoft’s AI strategy is moving beyond infrastructure

Businesses are also adopting the platforms and apps that Microsoft’s cloud infrastructure sits atop.

Microsoft CEO Satya Nadella informed investors that Microsoft 365 Copilot has well over 30 million paid seats, and that net seat additions more than doubled sequentially during the June quarter.

In contrast, Microsoft Foundry now has 100,000 users, and platform income has more than quadrupled from the previous year. Using various models, Foundry enables companies to create and manage AI agents and apps while integrating them with corporate data and controls.

These figures contribute to the explanation of the importance of security and governance in the investment argument.

As AI becomes increasingly integrated into routine company processes, agents will more frequently interact with sensitive data and systems. Businesses will need methods for managing permits, conducting audits, and enforcing current security regulations.

Microsoft already sells many of those tools.

Instead of considering AI as a separate product category, the announcement presents a chance to link AI expenditure with the company’s well-established enterprise software division.

According to Microsoft, Agent 365 aims to give agents access to the governance, identity, security, and management frameworks that businesses already have. Additionally, the business said that more than 50 billion Copilot contacts had been inspected for compliance reasons using its Purview platform.

As companies give AI systems greater freedom, such goods may become more crucial.

That may also help Microsoft’s higher-value corporate products.

Customers have begun using the company’s E7 suite, which includes Copilot, E5, Entra, and Agent 365. During the first two months of the product’s release, hundreds of business clients bought millions of seats.

Melius is simply pointing out that opportunity.

Microsoft offers businesses more than just access to AI. It is progressively offering the solutions that businesses may need to control artificial intelligence when they integrate it into their routine tasks.

Wall Street sees another Microsoft growth lever

The Melius upgrade reframes one of the main concerns about Microsoft shares.

Investors are already aware of the company’s significant investments in AI infrastructure. They are also aware that Azure is profiting from the rising need for processing power.

The less-explored portion of the narrative is what happens when businesses begin overseeing a sizable number of AI agents inside their companies.

That may immediately capitalize on Microsoft’s current advantages.

Microsoft has been cultivating connections with business IT departments for decades. For many of those clients, its solutions already manage workplace apps, cloud infrastructure, identity, data, and cybersecurity.

AI agents add an additional layer that requires management.

Melius believes that as AI develops, Microsoft’s enterprise position may improve rather than deteriorate. The company’s confidence that it can convert that position into better profitability and stronger Azure growth is reflected in its $665 price objective.

How quickly corporate AI expenditure will result in profits is still up for debate, especially given Microsoft’s ongoing significant infrastructure investments.

However, the company’s most recent statistics show demand in several areas. Azure revenue grew 43% in the June quarter. Microsoft Cloud generated $59.3 billion in revenue. Microsoft 365 Copilot surpassed 30 million paid seats, and Agent 365 registered nearly 40 million agents within two months.

Taken together, these numbers demonstrate Microsoft’s progress beyond providing AI processing power.

Additionally, it is attempting to become the platform that businesses use for technology deployment, monitoring, and control.

Melius’ upgrade differs somewhat from a traditional positive bet on AI growth because of its focus.

The company contends that maintaining the security and corporate management of more powerful systems, one of AI’s new challenges, may be another factor driving businesses to increase their spending with Microsoft.

Related: Microsoft cutting off popular software with no extension Oct. 13

Russia has shared little information about how a researcher in Siberia died from a “pneumonia of unknown origin.”

Musk called the alleged blockade a crime against Indians.

Jamie Dimon has spent much of this year warning that the bond market is a problem waiting to happen. On April 28, at a conference hosted by Norway’s sovereign wealth fund, the JPMorgan Chase CEO said there would be “some kind of bond crisis,” according to TheStreet.

The debt he had in mind was mostly owed by governments. But Dimon has long argued that the pain lands somewhere else.

In a 2025 Fox Business interview, he said bond market volatility hurts the people raising money, small businesses included. He admitted he could not tell whether trouble was six months or six years away. This time, he named the next group in line.

Also read: Scott Bessent just made a bold move on the bond market

Dimon says corporate borrowers will start to squeeze

Speaking on the sidelines of a JPMorgan event in London on Oct. 6, Dimon said the worldwide scramble for capital could begin to squeeze corporate borrowers, Bloomberg reported. Investors will keep asking for more, he said. At some point, that feeds into corporate debt and credit spreads.

A credit spread is the extra interest a company pays over what a government pays to borrow. When spreads widen, refinancing an old loan or raising a new one costs more.

Dimon’s advice was to move early. “The best thing to do with any of these things is deal with it before it becomes a crisis,” he said. If it does become one, he added, it will still get dealt with, only in a much less pleasant way.

His comments land in the middle of a global bond sell-off. It began after the start of the war in Iran, which pushed inflation materially higher.

The benchmark 30-year Treasury yield recently climbed past levels last seen in 2007. The U.S. economy’s strength and the AI boom’s demand for capital have added to the pressure.

Riskier debt is already showing the strain. In the credit default swap market, the cost of insuring U.S. junk bonds against default has widened sharply, according to LSEG data compiled by Yardeni Research.

Dimon’s explanation starts with supply and demand. In May, he said the world had moved from a savings glut to a shortage of savings.Bloomberg / Getty Images

Distressed loans hit a pandemic-era high

JPMorgan’s own strategists have put numbers on the problem. Leveraged loans trading below 60 cents on the dollar reached $65 billion. That is up from $40 billion a year earlier and the most since March 2020.

The wider pool of troubled loans is larger still. Loans priced at or below 80 cents on the dollar total $139.8 billion. That is nearly 90% more than 12 months ago and just $4 billion short of the peak set in May 2020, as reported by Bloomberg.

Technology is the weak spot. The sector makes up 39% of the distressed total, or $54.4 billion. In all, 141 issuers have loans trading below 80 cents, which is 35 more than a year ago.

The bank expects more companies to miss payments. Its strategists see the high-yield bond default rate rising to 2.75% in 2027, up from a projected 2.25% this year. Defaults on leveraged loans are expected to reach 4.50% in 2027 as well.

Bonds rated CCC, the lowest rung of junk, already yield 15.58%, the highest since November 2022, according to Bloomberg.

Why money is getting more expensive

Dimon’s explanation starts with supply and demand. In May, he said the world had moved from a savings glut to a shortage of savings. He warned that interest rates could climb far above where they stood. The 30-year Treasury yield had by then reached levels not seen since 2007.

He pointed to three forces: high oil prices; worries about government spending in Japan, the U.K., and the U.S.; and growth driven by AI. He also noted that $30 trillion of that debt carried an average rate of 3.5%, with about $2 trillion due to be refinanced this year, Bloomberg reported.

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The U.S. debt load adds another layer. Federal debt had reached $39 trillion by the time Dimon spoke in Norway on April 28.

He cited the 2022 U.K. gilt crisis as a case study: Yields surged within days, and the Bank of England was forced to intervene. His point was that these things move fast.

Inflation rounds out the picture. Dimon’s April 6 shareholder letter called it “the skunk at the party.” His concern was that prices would move up rather than down through 2026, with energy costs pushed higher by the war in Iran.

What borrowers and investors should watch

For companies, Dimon’s test is a plain one. Leveraged or not, any business that has to refinance or borrow should ask whether it is ready for higher credit spreads. That goes for healthy balance sheets as much as stretched ones.

So far, the damage has stayed contained. After the Federal Reserve raised rates in September, Dimon told Yahoo Finance that borrowing costs could keep rising. But the job market’s relative strength showed those costs had not yet turned into broader economic stress.

He does not expect that calm to hold forever. It has been a long time since the last credit recession. When one arrives, “it would be worse than people think,” Dimon said in April.

That warning carries extra weight, given the size of what is now at stake. The private credit market alone is worth about $1.7 trillion, and that number has only grown.

Related: Scott Bessent just made a bold move on the bond market