On "Super Tuesday," four of Wall Street's largest banks—JPMorgan, Goldman Sachs, Citigroup, and Bank of America—reported sharp rises in second-quarter profits. Jamie Dimon, JPMorgan's CEO, suggested the industry is "getting close to as good as it gets." These blockbuster profits were largely driven by the banks' trading divisions, which benefited from volatility in AI-related stocks and deregulation, resulting in a 72 per cent increase in trading revenues year-over-year. JPMorgan achieved a record quarter, and Goldman Sachs reported its highest quarterly profits in five years. The surge in trading activity, coupled with a revival in listings and M&A, boosted investment banking revenues. The IPO of SpaceX alone generated $500 million in fees. While JPMorgan, Bank of America, and Goldman Sachs saw their stocks rise, Citi's shares declined amid concerns over expenses, despite its investment bank's best quarter in years.

Despite the strong performance, concerns linger about the sustainability of these profits and the potential unwinding of the deeply entangled AI economy. However, both Dimon and Goldman CEO David Solomon expressed optimism about AI's potential to buoy their businesses through increased spending and capital raising by hyperscalers. Solomon noted that investment in AI infrastructure is in its "early stages." The article also touches on significant investments in UK telecoms groups by billionaires Xavier Niel and Sunil Bharti Mittal, and innovative financing deals in private equity, such as Apollo Global Management's investment in Bayer's contraceptives business.