JPMorgan warns of the fall pullback risk of US stocks, and the AI boom is similar to the technology foam

JPMorgan warns that the US stock market is facing the risk of a pullback from late summer to early autumn, as the internal structure of the market deteriorates and funds shift towards defensive assets. Jason Hunter, a strategist at JPMorgan Chase, pointed out that there are similarities between the current AI trading boom and the foam of technology stocks from 1999 to 2000. The excessive concentration of positions in the technology sector increases the risk of adjustment. Higher yields on US treasury bond bonds, geopolitical tensions in the Middle East and slowing consumer spending pose market pressures. JPMorgan Chase believes that in the short term, market valuations, capital crowding, and investor expectations pose volatility risks to technology stocks.