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2026-07-15 18:18:11
[JPMorgan Chase: AI Investment Logic Should Not Be Limited to Tech Giants; Semiconductors and Infrastructure Sectors Take Over, Bank Stocks Regain Favor] ⑴ JPMorgan Chase Private Bank strategists point out that investors should not limit the AI narrative to tech giants, but should look at the entire industry chain. The real focus should be on capital-intensive and irreplaceable assets such as semiconductors, infrastructure, utilities, and industries. ⑵ The institution believes that the strong performance of tech stocks does not conflict with earnings growth in a broader market. Ten out of eleven sectors in the S&P 500 are expected to achieve profit growth this earnings quarter, indicating a broad earnings base. ⑶ The JPMorgan Chase team expects the S&P 500 to achieve a total return of nearly 10% over the next year, while large-cap European stocks are also expected to record mid-single-digit returns. ⑷ Strategists particularly emphasize that bank stocks are a worthwhile area to watch in the European market, benefiting from improved fundamentals, higher dividends, and increased share buybacks. ⑸ Overall, the AI investment logic is extending from chips and models to energy, computing infrastructure, and related industrial sectors. Utilities and grid upgrades will also continue to benefit. ⑹ In the coming quarters, the market focus may gradually shift from AI hardware spending to the verification of application implementation and infrastructure investment returns, and industry rotation opportunities are worth noting.
