J.P. Morgan
July 1, 2026
Flows & Liquidity
Market ReportCryptoEquitiesMacro Economic IndicatorsEnergyFinancials
The report examines the sustainability of the AI-driven rally, highlighting risks from potential capex deceleration by hyperscalers, and analyzes liquidity trends and the impact of MicroStrategy's new bitcoin sales policy.
Key Takeaways
- 1.Semiconductor stock outperformance relative to hyperscalers is unsustainable long-term and carries risks for the broader AI trade.
- 2.US money creation is accelerating, projected to reach $1.8 trillion in 2026.
- 3.MicroStrategy's new policy of selling bitcoin to fund dividends introduces avoidable two-way flow risk into crypto markets.
Table of Contents
- Flows & Liquidity
- Cross Asset Fund Flow Monitor
- Cross Asset Positioning Monitor
- US money creation on track to step up from $1.6tr in 2025 to $1.8tr in 2026
- MicroStrategy introduced avoidable two-way risk into crypto markets inducing more uncertainty and volatility
- Appendix
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Authors
Nikolaos PanigirtzoglouMika InkinenMayur YeoleKrutik P Mehta
Securities
MSTRJPAIADPT IndexJPAIVUL Index
Themes
AI Capex SustainabilityUS Liquidity
Regions
GlobalEuropeUnited StatesJapanChina