International Market Intelligence Morning Briefing

J.P. Morgan reports a pickup in Strait of Hormuz shipping and massive revisions to AI data center capex estimates while maintaining a cautious stance on crowded Momentum positioning. The team identifies opportunities in Low Volatility equities despite recent underperformance relative to bond yield moves.

Key Takeaways

• 1.Shipping activity in the Strait of Hormuz is picking up, leading to a drop in Brent crude prices despite geopolitical tensions.
• 2.AI Data Center capex is being revised upward significantly, with memory expected to account for 30% of hyperscaler capex by 2026.
• 3.The Global China Summit highlighted a shift in the AI narrative from model quality to profit capture and distribution.

Table of Contents

• MKT INTEL VIEWS
• Key takeaways from the Global China Summit last week
• SERVING ROBOTS
• IDEA & INSIGHTS - IN BRIEF
• EQUITY STRATEGY
• EUROPEAN RATES
• 2026 GLOBAL CHINA SUMMIT
• ECB POLICY
• CATALYSTS TODAY
• IDEAS & INSIGHTS – IN DETAIL
• OVERNIGHT RECAP
• POSITIONING INTELLIGENCE

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