JPMorgan Chase & Co. (JPM): A Bull Case Theory 

We came across a bullish thesis on JPMorgan Chase & Co. on Rigatoni Capital’s Substack. In this article, we will summarize the bulls’ thesis on JPM. JPMorgan Chase & Co.’s share was trading at $308.92 as of December 1st. JPM’s trailing and forward P/E were 15.30 and 14.68 respectively according to Yahoo Finance.

JPMorgan Chase (JPM) reported robust Q3 2025 earnings, with net income of $14.4 billion, reflecting a 12% year-over-year increase, and managed revenue rising 9% YoY to $47.1 billion. The bank maintained strong profitability, with a return on tangible common equity of 20% and book value per share growing 9% to $124.96. Investment banking fees rose 16%, driven by renewed momentum in M&A activity and equity capital markets, while markets revenue surged 25% YoY to nearly $9 billion, marking a record third quarter for the division.

Consumer & Community Banking continued to expand its U.S. retail footprint, adding over 400,000 new checking accounts and retaining JPM’s #1 position in U.S. retail deposits for the fifth consecutive year. Asset & Wealth Management contributed $6.1 billion in revenue, supported by $72 billion in net inflows, bringing total client assets to $6.8 trillion and AUM to $4.6 trillion. The bank’s diversified revenue streams, strong capital position, and consistent market leadership underscore its resilience across economic cycles.

For long-term investors, JPM continues to offer an attractive combination of growth and stability; reinvested dividends and disciplined allocation have delivered significant cumulative returns, with the position started in 2016 now up 183%. The bank’s leading positions in retail deposits, investment banking, and wealth management provide multiple levers for continued earnings growth, while its capital strength and scale ensure flexibility to navigate market volatility. Overall, JPMorgan Chase remains a core financial holding with durable competitive advantages and a proven track record of delivering value to shareholders.

Previously we covered a bullish thesis on JPMorgan Chase & Co. (JPM) by Pacific Northwest Edge in March 2025, which highlighted the bank’s dominant position, deposit-driven lending strength, and crisis resilience. The stock has appreciated approximately 29.19% since our coverage as the thesis played out. The thesis still stands, and Rigatoni Capital shares a similar perspective but emphasizes recent earnings, record markets revenue, and strong asset inflows.

JPMorgan Chase & Co. is on our list of the 30 Most Popular Stocks Among Hedge Funds. As per our database, 124 hedge fund portfolios held JPM at the end of the second quarter which was 129 in the previous quarter. While we acknowledge the risk and potential of JPM as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than JPM and that has 10,000% upside potential, check out our report about this cheapest AI stock.

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Disclosure: None.