“the Card net charge-off rate continues to be approximately 3.4%.”

In context

“age market levels as well as higher brokerage activity. Long-term net inflows were $54 billion with continued strength across fixed income, equity and multi-asset. AUM of $4.8 trillion was up 16% year-on-year and client assets of $7.1 trillion were up 18% year-on-year, driven by higher market levels and continued net inflows. And before turning to the outlook Corporate reported net income of $699 million on revenue of $1.2 billion. In terms of the full year 2026 outlook, we continue to expect NII ex Markets to be about $95 billion. We now expect total NII to be approximately $103 billion as a function of market NII decreasing to about $8 billion, predominantly due to rates, which we expect will be primarily offset in NIR. The adjusted expense outlook continues to be about $105 billion and the Card net charge-off rate continues to be approximately 3.4%. With that, we're now happy to take your questions. So let's open the line for Q&A. Operator: [Operator Instructions] Our first question comes from Steven Chubak with Wolfe Research. Steven Chubak: So maybe to start on the AI cash tool, which, Jamie, you commented on in your letter. There's been lots of focus on this particular at least launch given that this is a tool which could potentially result in some consumer deposit pressure as well as drive some impact on increased competition as well as higher deposit betas. I was hoping you could just speak to how you see deposit competition unfolding as similar smart tools become more widespread? James Dimon: Yes. So it's a great question. And obviously, there's early stages for this particular product. So you have to look at it literally segme”