JPMorgan Chase CEO Jamie Dimon is striking a more cautious tone on the stock market, warning that risks may be larger than many investors assume. His latest comments suggest he sees a growing gap between how markets are behaving and the scale of potential threats in the background.

A central concern is geopolitics. Dimon indicated that international tensions are increasing the odds of a major shock, a view that helps explain why he says he is not buying stocks at the moment. The message is notable because it comes from the head of one of the world's biggest banks.

His remarks add to a wider debate over whether investors are too relaxed about downside risk. Even when markets appear steady, concerns about sudden global events can quickly change sentiment and pressure equities. Dimon's stance reflects a defensive approach rather than confidence that current conditions justify adding stock exposure.

For now, his outlook points to caution over enthusiasm. By saying market risks are "bigger than other people think," Dimon is signaling that investors should pay closer attention to external threats that could disrupt markets with little warning.