Thematic Pulse

Latest edition · August 25, 2026

JPM Thematic pulse (good summary of themes)

J.P. Morgan Global Market Intelligence highlights three core market themes for August 2026: tech broadening beyond semiconductors into hyperscalers and software, the revival of the dollar debasement trade, and strong outperformance in EM equities. Emerging markets remain an overweight call as cumulative equity flows reach multi-year highs and valuations sit at 10.2x forward P/E.

The August 2026 Thematic Pulse evaluates three major cross-asset themes: Tech Broadening, Dollar Debasement, and the Return of EM Equities. Tech participation is diversifying across Hardware, Memory, Cloud Hyperscalers, and Software as FY26 CSP capex is projected to reach $950B (+94% YoY) and AI ROI inflects. Meanwhile, the Dollar Debasement theme has returned amid Treasury and Yen intervention, but remains constrained by solid US growth and lack of Fed dovishness. Finally, EM equities have broken a seven-year losing streak, leading the S&P 500 by ~800bp YTD, supported by strong fund inflows, higher earnings growth revisions, and attractive 10.2x forward P/E valuations.

Key takeaways from the latest edition

• 1.Tech rally is broadening beyond the +Semis vs -Software pairs trade into Hyperscalers and Software, supported by $950B FY26 CSP capex estimates (+94% YoY) and improving AI ROI.
• 2.The Dollar Debasement trade has re-emerged following US FX/Rates actions, but lacks full durability without a dovish Federal Reserve and amidst robust US economic growth.
• 3.Emerging Market equities have broken a 7-year losing streak against the US, leading the S&P 500 by nearly 800bp YTD, driven by attractive valuations (10.2x forward P/E), fund inflows (~$70bn), and rotation away from mega-cap tech.

What this series covers

• SUMMARY OF THEMATIC VIEWS
• THEMATIC DEEP DIVE
• TECH BROADENING
• DOLLAR DEBASEMENT
• TRACK FLOWS IN THEMATICS
• POSITIONING INTELLIGENCE: THEMATIC DASHBOARDS
• Positioning Intelligence | EU Thematic Positioning Dashboard
• Positioning Intelligence | APAC Thematic Positioning Dashboard
• JP MORGAN GLOBAL MARKET INTELLIGENCE

Edition archive

• JPM Thematic pulse (good summary of themes)

  August 25, 2026

• JPM GLOBAL MARKET INTELLIGENCE | Data Assets & Alpha Group

  July 29, 2026

• JPM Global Market

  June 1, 2026