CNBC's Inside India Newsletter: A State-Operated App Ignites New Debate on Digital Overreach
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Dec 04 2025
0mins
Should l Buy JPM?
Source: CNBC
Government Mandate and Backlash: The Indian government mandated phone manufacturers to preload a state-run cybersecurity app, which faced backlash from internet freedom activists and was labeled a "snooping app" by the opposition, leading to a rollback of the mandate.
Concerns Over Digital Overreach: The government's previous digital initiatives, including a covid vaccination app, have raised privacy concerns, with experts arguing that the focus should be on addressing the root causes of online fraud rather than imposing app mandates.
New SIM-Binding Regulations: India introduced SIM-binding regulations for messaging apps to curb cyber fraud, which could inconvenience users and has been criticized by industry bodies for lack of consultation and potential ineffectiveness.
Economic Outlook: Despite challenges, India's economy grew faster than expected at 8.2% year-on-year in Q2, with expectations of a rate cut by the Reserve Bank of India and ongoing strategic ties being strengthened with Russia.
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Analyst Views on JPM
Wall Street analysts forecast JPM stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for JPM is 341.38 USD with a low forecast of 260.00 USD and a high forecast of 400.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
19 Analyst Rating
11 Buy
7 Hold
1 Sell
Moderate Buy
Current: 310.160
Low
260.00
Averages
341.38
High
400.00
Current: 310.160
Low
260.00
Averages
341.38
High
400.00
About JPM
JPMorgan Chase & Co. is a financial holding company. The Company is engaged in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing and asset management. The Company operates through three segments: Consumer & Community Banking (CCB), Commercial & Investment Bank (CIB), and Asset & Wealth Management (AWM). Its CCB segment offers products and services to consumers and small businesses through bank branches, ATMs, digital and telephone banking. Its CIB segment consists of banking and payments and markets and securities services, and offers a suite of investment banking, lending, payments, market-making, financing, custody and securities products and services to a global base of corporate and institutional clients. AWM segment offers investment and wealth management solutions. It offers multi-asset investment management solutions, retirement products and services, brokerage, custody, estate planning, and others.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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- Decline in Asset Management Stocks: Ares Management fell over 12%, Blue Owl Capital dropped more than 8%, and KKR and TPG saw declines of nearly 10% and 7%, respectively, reflecting investor concerns about AI's potential impact on cash flows and default risks.
- Rising Default Risks: UBS Group has warned that in an aggressive disruption scenario, default rates in U.S. private credit could rise to 13%, significantly higher than the projected stress for leveraged loans and high-yield bonds, estimated at 8% and 4%, respectively.
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See More
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- Issuer Transition: In early 2026, JPMorgan Chase was selected as the new issuer of the Apple Card, taking over from Goldman Sachs, which stated that this move would help it narrow its business focus, highlighting Apple's ongoing expansion in consumer finance.
- Market Position: JPMorgan Chase is the largest credit card issuer in the U.S., managing approximately 150 million credit cards, while the Apple Card has over 12 million users; although this addition is modest, it still presents new cross-selling opportunities for the bank.
- User Demographics: Research indicates that Apple Card users are predominantly aged 20 to 40, accounting for about 70% of the user base, which allows JPMorgan Chase to effectively promote its premium credit card products, such as the Chase Sapphire Reserve, thereby enhancing customer loyalty.
- Future Outlook: While the specific financial terms of JPMorgan Chase's acquisition of the Apple Card business remain unclear, this partnership is expected to bring a significant influx of new customers to the bank, potentially invigorating its stock and strengthening its competitive position in the market.
See More
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- Issuer Transition: In early 2026, JPMorgan Chase was selected as the new issuer of the Apple Card, taking over from Goldman Sachs, with the transition expected to take around two years, marking a new chapter in Apple's consumer finance venture while reflecting Goldman’s strategic refocus.
- Market Share Expansion: As the largest credit card issuer in the U.S., JPMorgan Chase currently provides credit for approximately 150 million cards, while the Apple Card has over 12 million users; although this addition is not dramatically impactful, it presents significant cross-selling opportunities for Chase.
- User Demographics: Research indicates that Apple Card users are predominantly aged 20 to 40, accounting for about 70% of the user base, which provides JPMorgan Chase with a prime opportunity to market its higher-end products, such as the Chase Sapphire Reserve, to this younger demographic, enhancing customer loyalty.
- Future Outlook: While the specific financial details of JPMorgan Chase's acquisition of the Apple Card business remain unclear, this partnership is expected to bring a substantial number of new customers to Chase, potentially invigorating its stock and boosting market confidence in its growth prospects.
See More
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- Capital Flow Changes: Goldman Sachs equity strategist Ben Snider indicates that capital is rotating towards sectors perceived as insulated from AI disruption, marking a clear departure from last year's market strategies and reflecting diminished investor confidence in AI themes.
- Cyclical Industry Rally: Despite software stocks experiencing one of their worst weeks since the 2022 rate-hike panic, cyclical and consumer-linked industries have continued their recent rallies, indicating a growing preference for traditional sectors among investors.
- Strong Dow Jones Performance: Amid the decline in software stocks, the Dow Jones Industrial Average has rallied towards all-time highs, suggesting increased investor confidence in industries tied to physical assets and cyclical activity, further emphasizing the market's demand for safety from AI-driven productivity risks.
See More
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- Housing Affordability: Recent weeks have seen a decrease in housing prices, making homes more affordable for some buyers.
- Market Accessibility: Despite the improved affordability, millions of potential buyers remain unable to enter the housing market due to financial constraints.
See More
