JPMorgan Chase: Leadership in the US stock market will spread from AI and large tech stocks in the second half of the year

Morgan Stanley strategist Mislav Matejka's team believes that it will be difficult for technology stocks to replicate last year's market trends in the second half of 2026. On Monday Eastern Time, the S&P 500 index rose 1.5% to 7600.50 points, the Dow Jones Industrial Average rose 693 points to a new closing high, and the Nasdaq rebounded 2.1%. JPMorgan Chase pointed out that the market has doubts about the conversion of AI capital expenditures into free cash flow for super cloud providers, and the substitution effect of AI on software, business services, media, and other sectors suppresses valuations. Consumer cycles, industry, finance, and non US stocks will regain funding attention, and market leadership will spread to other sectors.