Everyone's fixating on (https://news.google.com/rss/articles/CBMiqgFBVV95cUxNcVlDa1djSH) — laptop prices, electricity costs, the whole supply-chain inflation narrative. But look at where balance-sheet stress is actually showing up: not in cyclical downstream, but in finance. $JPM and $C reveal a more complex picture than margin resilience alone. $JPM posted net income of on in revenue, yielding a net margin — solid but not exceptional.

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