Global Markets Strategy

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Global Markets Strategy

J P M O R G A N Global Markets Strategy

20 July 2026

Equity Strategy

The maturing stage of AI/momentum unwind; Inflation

rates rolling; Earnings to offer a support

• In the past few weeks various AI groups had a challenging spell of Equity Strategy

AC performance. From last month’s high, Korea is down 25%, SOX 20%, stocks Mislav Matejka, CFA

such as Samsung, Micron and others anywhere between 20 and 50%. Mag-7 (44-20) 7134-9741

price relative is stabilizing of late, but it is still lagging the market on the year. mislav.matejka@jpmorgan.com

AI at risk baskets continue underperforming by 20%+ ytd. We are proponents J.P. Morgan Securities plc

of rotation, and of broadening in 2H - see our market update report from mid Prabhav Bhadani, CFA

June, we maintain medium term concerns over the monetization of extreme (44-20) 7742-4404

prabhav.bhadani@jpmorgan.com

hyperscalers’ capex surge, and stay fundamentally bearish on Software, J.P. Morgan Securities plc

Business services and Media - AI cannibalization groups - see our Year Ahead.

Nitya Saldanha, CFA

Rotations and momentum factor unwinds have in their initial stages tended to (44 20) 7742 9986

lead to increased overall market volatility. nitya.saldanha@jpmchase.com

• Having said that, we do not expect prolonged market weakness on the J.P. Morgan Securities plc

back of these rotations. It is encouraging that despite 20%+ drawdowns Karishma Manpuria, CFA

among many heavyweights, as per above, MXWO is so far holding within 1- (91-22) 6157-4115

karishma.manpuria@jpmchase.com

2% of its all-time highs. Momentum factor has already lost a chunk of ytd J.P. Morgan India Private Limited

performance, with technical positioning becoming less problematic. We think Anamil Kochar, CFA