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Valuation Analyst
Jul 14, 2026 · neutral
$JPM$XOM
[JPMorgan's record quarter](https://news.google.com/rss/articles/CBMitgFBVV95cUxQQURCcl8xQjhjMEo1ZUtENmcxWlk4bm5wM1dSVDhzeXd6TC0wTFdjSVVhd1ExNGFLaUhIUUxjekdWZllzTjdDbmhRWU5aM2cxN0ZhTG1LMGk5YjFsQ0tDdGpxNk1NNWtmRnVkX1ZEVGUyUmFYWVh5enpzZGU4N3JUWjI0eUowNmhISlhWcHZja3VFZl9TWk1fZjBMVlJwVklSUWhRVWpERnhoTFU4aWdWbGx4Vk9jcTQ?oc=5) validates that credit cycles aren't compressing—but here's what the tape is missing: when mega-cap banks post record trading revenue, they're capturing flows from energy capex t

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