Flows & Liquidity: The need for AI rotation

研报英文原文证据摘录

Flows & Liquidity: The need for AI rotation

J P M O R G A N Global Markets Strategy

01 July 2026

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Flows & Liquidity

The need for AI rotation

Global Markets Strategy

Nikolaos Panigirtzoglou AC

• The strong and almost steady outperformance since last September of (44-20) 7134-7815

semiconductor stocks (i.e. AI chip and memory makers) vs. hyperscalers nikolaos.panigirtzoglou@jpmorgan.com

(i.e. AI cloud providers) appears somewhat unsustainable in the long run. J.P. Morgan Securities plc

• One way this gap in performance could close is that as hyperscalers and Mika(44-20)Inkinen7742 6565

AI model providers as well as users see improvements in monetization, mika.j.inkinen@jpmorgan.com

revenues and earnings and they start to catch up, capturing a bigger share J.P. Morgan Securities plc

of the overall AI value added pie (the positive scenario). Mayur Yeole

• Another way it could close is that if semiconductor outperformance comes (91 22) 6157 3872

at the expense of customers like hyperscalers, AI model providers or end- mayur.yeole@jpmchase.com

J.P. Morgan India Private Limited

users, this could start to depress capex intentions of hyperscalers and

Krutik P Mehta

model providers and eventually act as a headwind to demand for the

(91-22) 6157-5016

semiconductor companies’ products (the negative scenario). krutik.mehta@jpmchase.com

• Our house view is for a more positive scenario, while the consensus of J.P. Morgan India Private Limited