JPMorgan Chase & Co. strategist Dubravko Lakos-Bujas is telling investors that robust corporate profits are currently doing more heavy lifting than geopolitical anxiety when it comes to stock market sentiment. Despite rising tensions between the US and Iran, Wall Street appears to be betting on earnings strength over war risk.

The comment comes at a moment when markets are grappling with competing narratives. Earnings reports from major companies have painted a picture of resilience, while US-Iran hostilities add a layer of uncertainty that typically rattles risk assets. Lakos-Bujas essentially argues that the profit story is drowning out the fear story right now.

For fund managers allocating capital, this framing matters because it suggests exposure to equities with strong earnings remains rational even amid elevated geopolitical headlines. The question is how long that calculus holds if tensions escalate further.