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Video Series:

Security and Resiliency in Action

JPMorganChase is championing long-term economic security and resiliency by supporting critical industries including supply chain and manufacturing, defense and aerospace, energy independence and resilience, strategic and frontier technologies, and pharma and healthtech.

Learn more here.

Benjamin Wilson:

We used to focus on having the capability to do all of this advanced manufacturing, and then we realized no matter how great the facilities are, they can't run without the inputs.

[orchestral music]

Michael Johnson:

The Security and Resiliency Initiative, which we call SRI, really has five subcomponents to it. One is supply chain and manufacturing, which we're going to talk about today. One of the most important of those is supply chain and resiliency. It's really what started all this. In April of last year, when the supply of rare earth magnets got cut off, two months later, auto factories started shutting down here. That was a wake-up call for many of us that, wait, why are we vulnerable in this? And it's supply chain that leads through so much of this.

Benjamin Wilson:

The SRI initiative is all in service of figuring out the national security components of all these things that traditionally I don't think we as a country thought of as national defense or national security. We typically thought of that as weapons and munitions, whereas today we're thinking about it as generic pharmaceuticals, grid security, technology, and that's really the purpose of the initiative.

Michael Johnson:

It's interesting. I think we probably all at the same time around COVID, for the first time, really focused on supply chain for a different reason entirely. But then, as we've started to study this, you find so many areas that we just don't make the things we need to make, and so much reliance on other places. And a lot of what we're doing here is identifying those chains and finding a way to make them more resilient or bring them on shore.

Benjamin Wilson:

I also think what has been fascinating about this process is that you realize it's not just the big companies that are incredibly important to all of these different subsectors and supply chains and advanced manufacturing, but there's an enormous amount of small, family-owned businesses in all different parts of the country that really need the support and the capital to make the investments required to address all of these issues that we have in the broader supply chain.

Andrew Castaldo:

No, look, that's exactly right. I mean, the end manufacturer has to rely on dozens of individual suppliers of components and pieces for them to produce the ultimate end product that they're producing, whether it's for the government, for the economy, or heavy industry. And so, it's our job collectively to try to identify those weaknesses within the supply chain. And frankly, those are companies that probably need our help more than the larger companies. And so that's the areas that we can make a difference as a firm. I think that's the areas that our U.S. government is also focused on. And I think collectively, we can really try to fix the perceived problem of what's happened over the past 20 years.

Michael Johnson:

One of the things, interestingly, we're doing within SRI is we're identifying that second and third tier supply chain bin that you talk about. And one of the ways we're doing that, we do a lot of research, but the other way is to call our clients. Call people that build power plants or nuclear plants and ask them: What are you worried about? What's the second and third?" And what we hear is not what you read in the press. What we hear are, well, everybody's talking about transformers, but we need medium voltage transformers or we need molders. Or, you know, you find out, and now what we're doing is digging deeper and going and finding those small companies in many cases where we can lean in with advice, with balance sheet, with capital to help those. In many cases, not just de-bottleneck, but expand to meet the requirements that are coming up.

Benjamin Wilson:

We, up until recently, lived in a just-in-time economy. Companies were punished for having too much inventory. And now we are realizing, they're realizing, people around the world are realizing the importance of having stockpiles of things like pharmaceuticals, like inputs for advanced manufacturing. And a huge goal of our SRI initiative is to help people adjust to the new way they need to think about having access to the inputs they need to continue to function.

Andrew Castaldo:

There are a whole host of critical materials and other supply inputs that are critical to the overall functioning of our economy, and we need to figure out ways to onshore those materials and the processing of those materials. And so what we're trying to do is identify where are the weak links in the chain, across all of industry. It's not just the minerals, it's the processing, it's the refining of those minerals that really makes our overall economy go. And so I think, as a whole, we're reorienting and we're helping reorient the economy in a way that makes it function for the long term.

Michael Johnson:

The other thing about the conflicts that are ongoing now and have been ongoing is they impact the supply chains in multiple ways. So one is they raise the demand for certain things. Rare earth magnets is an obvious one into all sorts of things. But also, they hinder the ability to manufacture those because of either physical disturbances or supply chain or shipping disturbances, and so you get hit from both sides and, again, we try to go into those situations and find out where the bottlenecks are. Many of those can be facilitated by more capital. That's one of the things we help bring to bear.

Andrew Castaldo:

I'd say, look, another great example is what we've done in terms of starting to stand up rare-earth magnet production in the U.S. Until, you know, the past two to three years, that wasn't even something that people really thought about.

Benjamin Wilson:

But the recognition and the difference between today and as little as 18 months ago is, we used to focus on having the capability to do all of this advanced manufacturing. And then we realized, no matter how great the facilities are, they can't run without the inputs.

Michael Johnson:

One of the most fun things about the job that we do is we occasionally get to go walk a factory floor or see a facility. And there was a notion that advanced manufacturing can't really happen in this country. That's completely false. Like, I walked the floor of very advanced factories. I walked a floor that was probably 300,000 square feet. I saw four people. And they had robots doing cutting-edge technology, making things that people use every day. And what we've had is some of our clients come to us on the heels of the SRI announcement and say, "Hey, we're really good at manufacturing. We have spare capacity. Maybe we could use some of that for some of these younger companies who are trying to advance their technology. You know, we can help them scale up."

Benjamin Wilson:

Our clients' need for scale and the ability to strategically and holistically think about where they're putting their capital, that's also changed. It used to be looking for the lowest economic cost. Now, they're thinking more about where should those dollars go? Where is it going to be most stable? Where is that going to be part of a broader ecosystem that we are building within this country? And so, you're seeing a lot of announcements and action around investments in the United States that have either never happened or haven't happened in a very long time.

Andrew Castaldo:

And look, I think you are seeing, you going to continue to see large companies make investments down the supply chain, right, to make sure that they have the materials that they need. Again, to shore up the supply chain, I think we're going to see that be an important M&A trend over the coming 2 to 10 years, effectively.

Michael Johnson:

One clear example of the long-term impact of this investing is the Korea Zinc deal. That's a smelter that's going to be built in Clarksville, Tennessee. And that technology, and Korea Zinc was picked because they are the largest processor of nonferrous metals in the world. They have the most expertise. So we're going to take, going to build that facility and we're going to train our workers on their technology, their know-how, as you said earlier, and that is forever going to make 11 of the 13 critical minerals we have. And that will establish jobs and supply chains behind that, and feedstock behind that, and transportation. And there's a ripple effect of that that just keeps going.

Benjamin Wilson:

I'd build on that by saying, Michael, the key part of what you just said is we are building resiliency. The reason we call it the Security and Resiliency Initiative is because the ripple effect of all this investment over time is going to be a more resilient, more vibrant, more secure economy, therefore country, therefore world.

Andrew Castaldo:

And Michael, I think you said this, but effectively, it's not just, you know, the Korea Zinc project isn't just producing zinc, lead, germanium, gallium. Those materials are going to go into additional manufacturing processes that are going to be onshored into the U.S. or expanded in the U.S. And so there's this ripple effect. There's not just a zinc smelter. It's a zinc smelter that enables additional manufacturing within the country, which is just going to feed upon itself.

Michael Johnson:

Three years ago, we met with CEOs who said they didn't really worry about supply chain. They build an automobile or whatever, and the other parts showed up. A little bit of this happened through COVID, but more recently through some of the critical minerals and other shortages, back to lithium, they found that they just can't rely on that anymore. So they need to build, again, resilient supply chains that go one or two or three levels down. And that's going to be important now and it's going to be important in 10 and 20 and 30 years.

Benjamin Wilson:

And building onto that, Mike, we've had multiple shocks in the last decade, right? You had COVID. Now we have rising geopolitical tensions. And why it's going to be relevant is we don't know what the future holds. The last five years, six years have been pretty crazy. And so boards and management teams, in my mind, are now willing to spend the dollars, build the resiliency in the supply chain so that when whatever else comes next, they're not vulnerable, and therefore their products, their shareholders, their employees are not vulnerable. And that is a shift in mentality that is not going go away in the coming decade.

[orchestral music]

END

Previous Video Next Video

Manufacturing capacity and supply chain reliability have moved from operational considerations to strategic determinants of economic security. Repeated shocks — pandemic disruption, rising geopolitical tensions and renewed competition in critical technologies — have exposed how quickly a missing input can halt production and weaken economic confidence.

JPMorganChase launched the Security and Resiliency Initiative to meet this moment with capital, advice and execution at scale. The initiative is a 10-year, $1.5 trillion effort to rebuild critical industries, including the supply chains and manufacturing capabilities that underpin long-term competitiveness.

Why supply chains are now a national security priority

The strategic implications of interrupted supply chains have become apparent to many leaders as geopolitical risks have delayed critical inputs. One industry that has felt the impact of such disruptions is the global automotive industry, which relies on rare earth magnets sourced almost exclusively from China. Michael Johnson, Security and Resiliency Initiative lead for Energy and the U.S. Government, described the stakes directly: “In April of 2025, when the supply of rare earth magnets got cut off, two months later, auto factories started shutting down.”

For many inputs, the vulnerability is not just extraction but refining and component manufacturing. Andrew Castaldo, co-head of Mid-Cap Mergers & Acquisitions at J.P. Morgan, framed the issue in systemic terms: “There are a whole host of critical materials and other supply inputs that are critical to the overall functioning of our economy, and we need to figure out ways to onshore those materials.”

The need to onshore has led to unique transactions in the sector. For example, in 2025 the U.S. Department of Defense became the largest shareholder and customer of MP Materials, a fully integrated rare earth magnets producer. The deal, in which J.P. Morgan was the sole financial advisor and lead left arranger, nearshores a critical industry at a time when the evolving geopolitical landscape could disrupt supply chains globally. 

“There are a whole host of critical materials and other supply inputs that are critical to the overall functioning of our economy, and we need to figure out ways to onshore those materials.” 

Andrew Castaldo

Co-head of Mid-Cap Mergers & Acquisitions, J.P. Morgan

The real bottlenecks are often in tiers two and three

Large manufacturers rely on dozens of specialized suppliers whose constraints can become the binding factor. As Castaldo put it, “The end manufacturer has to rely on dozens of individual suppliers of components and pieces for them to produce the ultimate end product.”

One focus of the Security and Resiliency Initiative is to work with clients to map value chains end to end to find where small constraints create outsized disruption. Johnson described the gap between headlines and reality: “We do a lot of research, but we also call our clients, call people that build power plants or nuclear plants and ask them, ‘What are you worried about?’ And what we hear is not always what you read in the press.” Resilience is not only about big-ticket facilities but about overlooked components and specialized capacity.

This is where targeted capital can be a catalyst. The supplier base often includes smaller businesses that need funding to expand and scale. Ben Wilson, co-head of North American Mergers & Acquisitions at J.P. Morgan, underscored the broader value: “By providing the capital to invest in these businesses, we’re creating jobs, we’re strengthening the supply chain, we’re building a better economy with more opportunity for people.”

“We do a lot of research, but we also call our clients and ask them, ‘What are you worried about?’ And what we hear is not always what you read in the press.” 

Michael Johnson

Security and Resiliency Initiative lead for Energy and the U.S. Government, J.P. Morgan

From just-in-time to resilience: What changes in capital allocation

COVID and rising geopolitical tensions have accelerated a shift in operating philosophy: away from minimal inventory and toward planning for disruption. “We up until recently lived in a just-in-time economy. Companies were punished for having too much inventory,” said Wilson. “And now, companies are realizing the importance of having stockpiles of things like pharmaceuticals and inputs for advanced manufacturing. One goal of our SRI initiative is to help people adjust to the new way they need to think about having access to the inputs they need to continue to function.”

That mindset change forces a practical rethinking of capital allocation. Resilience requires more working capital tied up in buffer inventory, as well as investment in upstream capacity, dual sourcing, domestic or allied sourcing, logistics, warehousing and risk management so inputs can arrive when they are needed. “We used to focus on having the capability to do all of this advanced manufacturing and then we realized no matter how great the facilities are, they can’t run without the inputs,” said Wilson.

In practice, “just-in-case” means treating supply assurance as an enterprise priority rather than a procurement afterthought. Companies map tier-two and tier-three dependencies, build stockpiles where appropriate, contract for priority access and invest in the processing and refining capacity that often determines whether upstream resources can translate into usable inputs. Boards and management teams are also resetting governance expectations, signaling a greater willingness to spend to build resilience because shocks are recurring and the mentality shift is not going away in the coming decade.

“We up until recently lived in a just-in-time economy. Companies are realizing the importance of having stockpiles of things like pharmaceuticals and inputs for advanced manufacturing.” 

Ben Wilson

Co-head of North American Mergers & Acquisitions, J.P. Morgan

The Security and Resiliency Initiative

A missing input can disrupt critical services and erode strategic independence, but targeted capital, better structuring and stronger supplier ecosystems can reduce those points of failure while sustaining long-term competitiveness. Resiliency can be improved through coordinated investment across inputs, processing, manufacturing capacity and workforce. For leaders, the mandate is to treat supply chain resilience as a strategic priority with real capital allocation and clear accountability.

Learn more about the Security and Resiliency Initiative and how the firm is facilitating, financing and investing in critical industries to strengthen economic security and resiliency.

LEARN MORE

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