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J.P. Morgan

May 11, 2026

Trust in AI

Macro ThematicEquitiesMacro Economic IndicatorsCommunication ServicesInformation Technology

The report highlights trust as the critical emerging factor for AI investors, shifting focus from capital expenditure to regulatory compliance, community acceptance, and ethical governance.

Key Takeaways

  • 1.The AI trade is shifting from hardware/infrastructure to intangible factors like trust, user safety, and regulatory compliance as central drivers of long-term value.
  • 2.Community opposition and resource constraints (power/water) are creating significant delays for data center infrastructure, with up to 50% of 2026 projects potentially delayed.
  • 3.Data sovereignty is a material risk; over 70 countries have localization requirements, necessitating 'Sovereign AI' solutions and distributed infrastructure.

Table of Contents

  • Trust between companies and customers in the age of AI
  • Ensuring user safety
  • Cooperating with host communities
  • Gen AI and changing digital geography
  • Gen AI and government partnership
  • Trust between companies and employees in the age of AI
  • Conclusion

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Authors

Roland RottBrian KennedyDaniel RourkeDominick Crisci

Securities

SPXAMZNMETAMSFTGOOGLAnthropicOpenAI

Themes

Trust as an Intangible Value DriverData Sovereignty and LocalizationCommunity Engagement in Infrastructure

Regions

North AmericaEuropeAsia PacificUnited StatesChinaIndonesia