US Equity Strategy: Hyperscalers vs. AI Hardware, AI Capex & Monetization, Momentum Unwind, 2Q Earnings

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US Equity Strategy: Hyperscalers vs. AI Hardware, AI Capex & Monetization, Momentum Unwind, 2Q Earnings

J P M O R G A N Global Markets Strategy

20 July 2026

US Equity Strategy

Hyperscalers vs. AI Hardware, AI Capex &

Monetization, Momentum Unwind, 2Q Earnings

The AI cycle remains intact. The key theme this reporting season remains US Equity Strategy

ACcentered on the hyperscaler capex guide, but with a greater focus on more Dubravko Lakos-Bujas

tangible evidence of monetization. This includes incremental use cases such as (1-212) 622-3601

Meta’s move to sell excess AI compute capacity. Additionally, the potential dubravko.lakos-bujas@jpmorgan.com

implications of the Anthropic Mythos development suggest that security concerns Bhupinder Singh AC

could accelerate the timeline for moving workloads onto cloud-based platforms (1-212) 622-9812

across both the private and increasingly the public sector, creating another long- bhupinder.singh@jpmorgan.com

term tailwind for cloud providers, data centers, semiconductors, and enterprise Ana Pous Avila

software (see Frontier AI Escalates Security Costs). If these signals begin to (1-212) 622-0496

ana.pousavila@jpmorgan.com

surface in forward commentary, they could provide significant incremental

William Mathesonsupport to hyperscaler earnings and FCF curves. Given this fundamental backdrop,

(1-212) 622-9538

improving valuation and current investor positioning, over the medium-term we william.matheson@jpmchase.com

see better risk-reward in the hyperscaler complex (i.e., AI Midstream) J.P. Morgan Securities LLC

relative to other areas of Tech, along with select opportunities in Software such

as cybersecurity, which has emerged as a major secular investment theme and one