JPMorgan Chase CEO Jamie Dimon today downplayed the threat of a private credit meltdown.

Why it matters: The trend of investors exiting private credit funds has raised concerns that a blowup in nonbank lending could infect the broader financial markets.

✍️ The big picture: Dimon noted in his annual letter to shareholders that the leveraged private credit market totals $1.8 trillion.

• In comparison, investment-grade bonds total $13 trillion, while the market for residential mortgage securities and loans also totals $13 trillion.
• "In the great scheme of things, private credit probably does not present a systemic risk," Dimon wrote.

🤖 Yes, but: "Fears that artificial intelligence could erode the earnings power of software companies and weaken their ability to repay loans are rippling through the private credit industry, a key lender to the technology sector, prompting investors to reassess their exposure, redemption risks and fundraising prospects," Reuters reported today.

• And Dimon acknowledged that a downturn in credit, "which will happen one day," will lead to "higher than expected" losses on "all leveraged lending."
• "This is because credit standards have been modestly weakening pretty much across the board," he wrote. And "by and large, private credit does not tend to have great transparency or rigorous valuation 'marks' of their loans — this increases the chance that people will sell if they think the environment will get worse — even if actual realized losses barely change."

What we're watching: Goldman Sachs lent some data to Dimon's take. 👇

Goldman Sachs signaled today that its private credit business is in good shape, seemingly backing up Dimon's perspective.

📑 Zoom in: Goldman Sachs disclosed a Q1 letter to its credit shareholders stating that repurchase requests represented less than 5% of shares as of Dec. 31.

• That's lower than the firm's quarterly repurchase cap, signaling that investors aren't panicking.

What they're saying: "We believe these results highlight the strong position of GS Credit relative to the broader non-traded BDC industry," the firm said in the letter, referring to business development companies.

🔮 Oracle named former Schneider Electric CFO Hilary Maxson as its new CFO. The appointment signals the importance of infrastructure and energy in defining the AI cloud giant's future. (Reuters)

🤳 Robinhood is developing a new app on behalf of the Treasury Department to help manage Trump accounts, while Bank of New York Mellon (BNY) will be the designated financial agent for the initial accounts. (CNBC)

Pokémon cards are a hot commodity in more ways than one.

State of play: The surging value of Pokémon cards has prompted a spate of thefts at card shops and stores throughout the country, CNN reports.

• Pokémon card values have soared by 145%+ over the last year, analytics website Card Ladder reports.

Threat level: Recent incidents include:

• A man was arrested in Tallahassee, Florida, for allegedly committing 75 thefts of Pokémon cards at Target stores and then reselling them on eBay, CNN says.
• Collectible shops in Las Vegas, New York, Vancouver and Nottingham, England, have had more than $500,000 in cards stolen so far this year.

The impact: Card shops are having a harder time getting insurance.

💭 Nathan's thought bubble: My old baseball cards unfortunately aren't valuable enough to steal. ☹️