Every day brings another headline: rising defense spending in Europe, instability in the Middle East, and new questions about global supply chains and energy markets.<\/p>\n
We are living through what a JPMorganChase foreign policy veteran calls a \u201cplastic moment\u201d in history \u2014 a time when geopolitical forces are reshaping economies, alliances and markets in real time.<\/p>\n
For Fort Worth \u2014 home to major aerospace manufacturers, defense contractors, energy and technology firms \u2014 those global shifts carry real implications. Decisions made in Munich, Beijing or the Middle East can influence supply chains and investment flows across North Texas.<\/p>\n
Those dynamics were the focus of a recent student fireside chat at Texas Christian University, featuring Derek Chollet, Head of JPMorganChase\u2019s Center for Geopolitics<\/a>.<\/p>\n Strengthening security and resiliency<\/p>\n Chollet\u2019s visit comes following the launch of J.P. Morgan\u2019s Special Advisory Services function<\/a>, which provides clients with access to the firm\u2019s expertise in critical areas including geopolitics, artificial intelligence and cybersecurity, among others, and as it seeks to help strengthen industries critical to national and economic security through its Security & Resiliency Initiative.<\/p>\n As part of the initiative, the firm plans to facilitate, finance and invest $1.5 trillion over the next 10 years, and will make direct equity investments for an initial amount of $10 billion to help select companies enhance their growth and accelerate strategic manufacturing. The initiative spans supply chain and advanced manufacturing, defense and aerospace, energy independence and resilience, frontier technologies such as artificial intelligence and cybersecurity, and pharma and healthtech.<\/p>\n \u201cBusinesses today are operating in one of the most complicated geopolitical landscapes any of us has faced,\u201d Chollet said. \u201cUnderstanding how global events affect markets is no longer optional \u2014 it\u2019s essential.\u201d<\/p>\n In fact, his remarks were made days before U.S. and Israeli forces launched strikes inside Iran.<\/p>\n For North Texas, where defense contractors and aviation companies play a significant role in the regional economy, rising global defense spending \u2014 particularly in Europe \u2014 has tangible effects.<\/p>\n Europe\u2019s defense shift<\/p>\n Chollet had just returned from the Munich Security Conference, often described as the world\u2019s premier gathering of global security leaders. This year\u2019s dominant theme was Europe ramping up defense investment amid Russia\u2019s ongoing war in Ukraine.<\/p>\n For decades, U.S. presidents have urged European allies to spend more on defense. Now, that shift is underway.<\/p>\n Germany and other European nations are investing heavily in new military equipment and capabilities. That could benefit U.S. defense manufacturers. But the shift also raises questions about how closely the U.S. and Europe will continue to work together through alliances like NATO.<\/p>\n \u201cNATO remains a critical component of American leadership,\u201d said Chollet, emphasizing the importance of strong U.S. engagement alongside allied investment.<\/p>\n For Fort Worth aerospace and defense companies, those debates could translate into real business impacts.<\/p>\n The defining U.S.-China relationship<\/p>\n Chollet described the relationship between the United States and China as \u201cthe most complicated and consequential\u201d relationship in the world.<\/p>\n China\u2019s growing strength in manufacturing \u2014 along with its rapidly expanding military \u2014 is reshaping global competition. At the same time, the two countries\u2019 economies remain closely linked through trade, investment and supply chains.<\/p>\n \u201cThe U.S.-China relationship has elements of competition, elements of rivalry, and areas where cooperation remains necessary,\u201d said Chollet.<\/p>\n That complexity carries real implications for supply chains, technology investment and energy markets \u2014 all major sectors in Texas.<\/p>\n At the same time, countries in the Gulf region \u2014 including Saudi Arabia and the United Arab Emirates \u2014 are investing heavily in artificial intelligence infrastructure and clean energy. Their goal is to reduce dependence on oil and lead the next generation of global technology.<\/p>\n Chollet said those moves show how power is changing. It\u2019s no longer just about military strength. The countries that lead in energy, artificial intelligence, and manufacturing will have greater influence on the global stage.<\/p>\n Middle East volatility and opportunity<\/p>\n Chollet also addressed rising tensions with Iran, noting the United States had deployed its largest regional military presence in decades as negotiations over Iran\u2019s nuclear program continued. He said it was likely the U.S. could strike in the next two weeks, which turned out to be case.<\/p>\n Despite growing instability, he expressed cautious optimism about economic transformation in parts of the Middle East, particularly in the Gulf, where diversification beyond oil is accelerating.<\/p>\n \u201cEven amid turbulence, there are significant structural shifts underway,\u201d Chollet said.<\/p>\n Preparing the next generation<\/p>\n The fireside chat, moderated by Michael Strausz, Professor and Chair of the Department of Political Science at TCU, drew questions from students studying business, political science and international affairs \u2014 many of whom will graduate into careers shaped by these global dynamics.<\/p>\n J.T. Aughinbaugh, Fort Worth Market Manager at J.P. Morgan Private Bank and Vice Chair of JPMorganChase\u2019s Market Leadership Team in North Texas, said hosting the discussion reflects the region\u2019s deep ties to the global economy.<\/p>\n \u201cThe outlook for Fort Worth businesses is strongly connected to global events and trends,\u201d said Aughinbaugh, who is also a TCU alumnus. \u201cFrom aerospace and defense to energy and technology, our region is tied to international markets and supply chains. Conversations like this help business leaders and students alike understand how global events shape local opportunity.\u201d<\/p>\n Chollet closed with advice for students: stay curious and focus on learning.<\/p>\n \u201cEvery day, try to understand something new about the world,\u201d Chollet said. \u201cIn a moment like this, curiosity is a competitive advantage.\u201d<\/p>\n For Fort Worth, that mindset may prove just as important as any global policy decision.<\/p>\n JPMorganChase JPMorganChase has nearly 3 million consumer and small business clients across greater Dallas-Fort Worth. The firm has served DFW clients and communities for 150 years and has invested $40 million in North Texas non-profits since 2019. Chairman and CEO Jamie Dimon named TCU a key client and strategic partner in his 2024 Annual Letter to Shareholders<\/a>. JPMorganChase was named the TCU Ralph Lowe Energy Institute\u2019s Legendary Bank Partner in 2024 and sponsors the Inclusive Excellence Mentorship Program at the TCU Neeley School of Business.<\/p>\n