Japan Equity Strategy: AI market mini rotation and Japan equity strategy

研报英文原文证据摘录

Japan Equity Strategy: AI market mini rotation and Japan equity strategy

J P M O R G A N Global Markets Strategy

13 July 2026

Japan Equity Strategy

AI market mini rotation and Japan equity strategy

Semiconductor stocks have fallen since peaking in late June, and the past three Equity Strategy

ACweeks have looked like a mini correction. Over the past three weeks (from June 22 Rie Nishihara

through July 10), TOPIX has been roughly flat, while the Nikkei 225 fell 4% and (81-3) 6736-8629

the Nikkei semiconductor index fell 15%. In global markets, the S&P is also up 1% rie.nishihara@jpmorgan.com

while semiconductor indices have fallen more than 10% (generally seen as the JPMorgan Securities Japan Co., Ltd.

threshold for a correction), with the SOX down 10% and KOSPI down 18%. We Yong Guo, CFA

view the selloff in semiconductor stocks not as a sign of slowing growth in the AI (81-3) 6736-8623

yong.guo@jpmorgan.com

semiconductor market, but as a shift of funds within the AI value chain, with JPMorgan Securities Japan Co., Ltd.

investors repositioning from AI infrastructure to cloud providers/hyperscalers.

Mansi Das

Tech stocks came under selling pressure in Asia (including Japan), but buying in (91) 2261 573343

Japan spread to the many laggard sectors outside semiconductors with solid mansi.das@jpmchase.com

earnings, leading to broader-based stock selection. We expect such mini rotations J.P. Morgan India Private Limited

in the AI market to recur, lasting anywhere from several weeks to several months.

The long-term growth outlook for the AI semiconductor market is unchanged, but

during these rotations we expect semiconductor stocks will come under pressure,

index gains will stay modest, and buying will broaden to financials and domestic-

demand stocks.