Daniel Waid Marshall

Good evening. I’m Daniel Marshall, Senior Manager of Communications and Ownership. I’m joined by Jason Kelly, our Co-Founder and CEO; and Steve Coen, our CFO. Thanks, as always, for joining us. We’re looking forward to updating you on our progress.

As a reminder, during the presentation today, we will be making forward-looking statements, which involve risks and uncertainties. Please refer to our filings with the SEC to learn more about these risks and uncertainties, including our most recent 10-K.

Today, in addition to updating you on the quarter results, we’re going to provide insight into the autonomous lab, how we believe it will transform biotechnology and how we plan to commercialize autonomous labs going forward.

As usual, we’ll end with a Q&A session, and I’ll take questions from analysts, investors and the public. You can submit those questions to us in advance via X, #ginkgoresults or through e-mail, investors@ginkgobioworks.com. All right. Over to you, Jason.

Jason Kelly
Co-Founder, Co-COO, CEO & Director

All right. Thanks, Daniel. So Q4 was really a breakout quarter for us in sort of defining and really leading in the category of autonomous labs. And so you’re going to hear a lot from me about that in the future. But I want to start by saying our mission remains to make biology easier to engineer. But in 2026, the technological focus for the company and really the business focus is going to drill down on investing to win in this category of autonomous labs. And this is really a part of what I see as an emerging movement around robotics and AI and autonomy that’s coming to

JPMorgan Chase & Co., the largest U.S. bank by assets, saw its shares fluctuate in late February 2026 trading as investors digested recent company guidance, CEO Jamie Dimon’s economic cautions and broader market pressures.

As of Feb. 27, 2026, JPMorgan Chase stock (NYSE: JPM) traded around $297 to $301 in intraday sessions, down from a previous close near $306 and well off its 52-week high of $337.25 reached in early January. The shares have shown resilience over the past year, gaining approximately 19% in some measures, but recent sessions reflected a pullback amid concerns over interest rates, AI impacts and macroeconomic risks.

The bank’s market capitalization hovers above $800 billion, outpacing rivals Bank of America and Citigroup combined in valuation at times during the period.

In a Feb. 23 investor update, JPMorgan Chase provided an optimistic glimpse into 2026, nudging up its firmwide net interest income (NII) forecast to approximately $104.5 billion, including markets revenue. Core NII, excluding markets, is expected to reach about $95 billion, up from $92.6 billion in 2025. The guidance assumes two Federal Reserve rate cuts, a decline in interest on reserve balances and some deposit margin compression, offset by modest growth in consumer and wholesale deposits.

Investment banking fees and markets revenue are projected to see mid-teens percentage growth in the first quarter of 2026 compared to the prior year, potentially reaching high teens for IB fees. This outlook eased some investor worries about deal pipelines amid recent equity market volatility.

The bank maintained its full-year 2026 expense guidance at $105 billion while planning a 10% increase in technology spending to $19.8 billion. Executives highlighted investments in AI and new capabilities as drivers, despite cost pressures from inflation, hardware shortages related to AI chips and cloud infrastructure demands.

CEO Jamie Dimon struck a balanced tone in recent comments. He dismissed fears that AI would significantly harm the company, asserting JPMorgan Chase would emerge as a “winner” in the technology shift. However, he warned of potential job disruptions from automation and AI, urging preparation. Dimon also expressed heightened anxiety about the economy, drawing parallels to pre-2008 conditions in some market analyses, and reiterated plans to remain CEO for “a few years.”

The bank beat expectations in its most recent earnings. For the fourth quarter of 2025, reported in January 2026, JPMorgan posted revenue of $46.77 billion and EPS of $5.23, surpassing forecasts of $46.25 billion and $4.86, respectively. Trading desks benefited from volatile markets, contributing to strong performance across segments. Full-year profits for major U.S. banks reached record levels around $300 billion in some reports, underscoring sector strength.

J.P. Morgan Payments, a key growth engine, achieved record $5.1 billion in Q4 2025 revenue, up 9% year-over-year, driven by deposit growth and innovations like JPM Coin.

Analysts remain largely bullish. Multiple firms, including Wells Fargo, RBC Capital, Piper Sandler and Barclays, maintained buy ratings in late February. Price targets include adjustments such as Truist’s reduction to $330 from $334. Consensus estimates project moderate earnings growth of about 5.5% for 2026 and 7.6% for 2027.

Challenges persist. Reports highlighted ongoing scrutiny over past client relationships, including admissions related to accounts closed in 2021 amid a debanking lawsuit. Dimon addressed AI’s broader workforce implications, noting the need for policy responses.

Broader context includes JPMorgan’s role in market forecasts, such as raising long-term gold price targets to $4,500 per ounce while maintaining a 2026 year-end view at $3,300 in some updates. The bank also plans to exclude the UAE from certain emerging-market bond indexes by mid-2026 due to wealth threshold changes.

JPMorgan Chase declared preferred stock dividends recently and filed an $80 billion mixed securities shelf in February, supporting capital flexibility.

Investors watch for the next earnings report, expected around April 14, 2026, for the first quarter. Analysts forecast EPS around $5.37 and revenue near $48.62 billion.

Despite short-term dips, JPMorgan’s diversified operations — spanning consumer banking, commercial banking, asset management and investment banking — position it well in a dynamic environment. The bank’s scale, technology investments and consistent outperformance in recent quarters underpin analyst confidence in sustained returns.

Q4: 2026-02-25 Earnings Summary

EPS of -$0.89 beats by $0.18

 | Revenue of $33.00M (-8.33% Y/Y) beats by $8.06M

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Prime Video has released the first official image of Ryan Hurst as the brooding Spartan warrior Kratos and young actor Callum Vinson as his son Atreus, marking the start of production on its highly anticipated live-action adaptation of Sony’s blockbuster “God of War” video game franchise.

The photo, shared Feb. 27, 2026, by Amazon MGM Studios and Sony Pictures Television, shows the father-son duo in costume against a rugged, snowy backdrop, evoking the Norse mythology setting of the 2018 game and its sequel. Hurst, known for roles in “Sons of Anarchy” and “The Walking Dead,” appears as the ash-covered, battle-scarred Kratos, complete with his signature red tattoo and imposing physique. Vinson, who has appeared in series like “Chucky,” “Long Bright River” and “Poker Face,” portrays a youthful Atreus, standing slightly ahead with a determined expression.

The image is accompanied by the caption: “Father and Son. Behold your first look at Kratos and Atreus in the God of War series now in production for Prime Video. Their journey to the highest peak begins.”

Production is underway in Vancouver, Canada, on the series, which has already secured a two-season order. Ronald D. Moore, the acclaimed showrunner behind “Battlestar Galactica” and “Outlander,” serves as writer, executive producer and showrunner under his Tall Ship Productions banner. Frederick E.O. Toye, an Emmy-winning director whose credits include “Shōgun,” “The Boys” and “Fallout,” is helming the first two episodes.

The adaptation draws primarily from the 2018 “God of War” game and its 2022 sequel “Ragnarök,” following Kratos and Atreus on a poignant quest to scatter the ashes of Kratos’ late wife and Atreus’ mother, Faye, from the highest peak in the realms. Their journey unfolds amid a harsh Norse world filled with gods, monsters and family revelations, shifting from the Greek mythology of earlier games to a more introspective father-son narrative.

The full cast features a mix of established stars and character actors. Mandy Patinkin portrays the cunning Allfather Odin, while Ed Skrein takes on the vengeful god Baldur. Max Parker plays Heimdall, Ólafur Darri Ólafsson embodies the thunder god Thor, and Teresa Palmer appears as Sif. Alastair Duncan voices and portrays the severed head Mimir, with Danny Woodburn as the gruff dwarf Brok and Jeff Gulka as his brother Sindri.

The project is co-produced by Sony Pictures Television and Amazon MGM Studios, in association with PlayStation Productions and Tall Ship Productions. Executive producers include Moore, Maril Davis of Tall Ship, original game director Cory Barlog, Naren Shankar, Matthew Graham, Asad Qizilbash, Jeff Ketcham, Hermen Hulst, Roy Lee and Brad Van Arragon. Co-executive producers are Joe Menosky, Marc Bernardin, Tania Lotia and Ben McGinnis.

Fan reactions to the first-look image have been mixed since its release early Feb. 27. Some praised the fidelity to the game’s aesthetic, noting Hurst’s transformation into the stoic anti-hero and the accurate costuming details like Kratos’ Leviathan Axe (though not visible in the initial photo). Others expressed reservations, with online commentary describing the shot as “strange” or “off,” citing the angle, lighting or youthful portrayal of Atreus compared to the teenage version in the games. Social media discussions on platforms like Instagram, Reddit and X highlighted both excitement for the ambitious adaptation and caution after previous video game-to-screen efforts.

The “God of War” franchise, developed by Santa Monica Studio, has sold tens of millions of copies and earned widespread acclaim for its storytelling, combat and emotional depth. The 2018 reboot shifted the series to a more mature, cinematic style, earning Game of the Year honors and setting high expectations for any live-action version.

Amazon’s push into video game adaptations follows successes like “Fallout” and ongoing projects tied to other properties. The streamer aims to capture the game’s blend of visceral action, mythological spectacle and heartfelt drama, with Moore’s involvement signaling a focus on character-driven narrative over pure spectacle.

No release date has been announced for the series, but with production just beginning in early 2026, a premiere is unlikely before late 2027 at the earliest, depending on post-production timelines and episode count. The two-season commitment suggests confidence in covering the Norse saga arc comprehensively.

As filming progresses, additional images, trailers and casting details are expected to fuel anticipation among the dedicated fanbase. For now, the first look offers a tangible glimpse into bringing one of gaming’s most iconic duos to the small screen.