AI, blockchain, and the new market reality

^{FOR INSTITUTIONAL & PROFESSIONAL CLIENTS ONLY – NOT INTENDED FOR RETAIL CUSTOMER USE}

^{This material has been prepared by J.P. Morgan Sales and Trading personnel and is not the product of J.P. Morgan’s Research Department. It is not a research report and is not intended as such.  This material is provided for informational purposes only and is subject to change without notice.  It is not intended as research, a recommendation, advice, offer or solicitation to buy or sell any financial product or service, or to be used in any way for evaluating the merits of participating in any transaction.  Please consult your own advisors regarding legal, tax, accounting or any other aspects including suitability implications, for your particular circumstances or transactions.  J.P. Morgan and its third-party suppliers disclaim any responsibility or liability whatsoever for the quality, fitness for a particular purpose, non-infringement, accuracy, currency or completeness of the information herein, and for any reliance on, or use of this material in any way.  Any information or analysis in this material purporting to convey, summarize, or otherwise rely on data may be based on a sample or normalized set thereof. This material is provided on a confidential basis and may not be reproduced, redistributed or transmitted, in whole or in part, without the prior written consent of J.P. Morgan.  Any unauthorized use is strictly prohibited. Product names, company names and logos mentioned herein are trademarks or registered trademarks of their respective owners.  The products and/or services mentioned herein may not be suitable for your particular circumstances and may not be available in all jurisdictions or to all clients.  Clients should contact their salespersons at, and execute transactions through, a J.P. Morgan entity appropriately licensed in the client’s home jurisdiction unless governing law permits otherwise.  Past performance is not indicative of future results. All services are subject to applicable laws, regulations and service terms. This material is a “solicitation” of derivatives business only as that term is used within CFTC Rule 1.71 and 23.605. Where this material is an “investment recommendation” as that term is defined in MAR visit: www.jpmm.com/#mardisclosures. This material is subject to terms at: www.jpmorgan.com/salesandtradingdisclaimer.}

^{© 2026 JPMorgan Chase & Co.  All rights reserved.}

^{J.P. Morgan is a marketing name for investment banking businesses of JPMorgan Chase & Co. and its subsidiaries and affiliates worldwide. Bank products and services, including certain lending, derivative and other commercial banking activities, are offered by JPMorgan Chase Bank N.A. (JPMCB), including through its authorized branches and other global affiliates registered with local authorities as appropriate. Securities products and services, including execution services, are offered in the United States and in other jurisdictions worldwide by J.P. Morgan Securities LLC (JPMS LLC), in EMEA by J.P. Morgan Securities plc (JPMS plc) and J.P. Morgan SE (JPM SE) and in other regions by other appropriately licensed global affiliates. JPMCB, JPMS LLC, JPMS plc and JPM SE are principal subsidiaries of JPMorgan Chase & Co. For information on which legal entities offer investment banking and securities products and services in each jurisdiction, please consult: https://www.jpmorgan.com/disclosures/investment-bank-legal-entity-disclosures#securities-transactions}

^{For additional regulatory disclosures, please consult: www.jpmorgan.com/disclosures.}