The JP Morgan View: All the Rest is No AI

J.P. Morgan maintains a bullish outlook on AI-driven US and EM equities (Taiwan, Korea, China) as the primary engine of global market returns. Despite sticky inflation and a hawkish Fed, resilient global growth and potential geopolitical de-escalation in the Middle East support risk assets.

Key Takeaways

• 1.AI remains the primary fundamental driver for global equity performance and corporate capex, particularly in the 'upstream' theme.
• 2.Geopolitical risks are pivoting from escalation to potential de-escalation regarding the Strait of Hormuz and US-China relations.
• 3.Global economic momentum is resilient (PMI at 51.8), keeping the Fed on hold and potentially shifting their bias away from easing.

Table of Contents

• The J.P. Morgan View
• Cross Asset Strategy
• JPM Forecasts
• Disclosures
• Important Disclosures
• Legal Entities Disclosures and Country-/Region-Specific Disclosures

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