Neil Callanan 1.5 2 ideas

Jamie Dimon warns of rivals doing "dumb things." Bloomberg editors highlight that banks are backing shallow lenders (Private Credit), and Private Credit has massive exposure to the Software sector. If the "AI Deflation" thesis hits software pricing power, or if rates stay volatile, the leverage in the Private Credit-Software nexus could unwind. This creates a specific risk pocket similar to subprime, where the underlying asset (software cash flows) may be overvalued. WATCH/AVOID Private Credit with heavy Software exposure. Dimon is simply talking down competitors; the sector remains resilient.