JP Morgan Private Bank global investment strategist Madison Faller said
investors should look beyond tech giants for AI exposure, targeting
capital‑intensive, hard‑to‑replace assets such as semiconductors,
infrastructure, utilities and industrials. She said strong tech earnings can
coexist with broader market profit growth; in this earnings season 10 of the S&P
500’s 11 sectors are expected to see profit increases. The JP Morgan team
expects the S&P 500 to deliver nearly 10% total return over the next year and
forecasts European large‑caps to produce mid‑single‑digit returns. Faller
highlighted European banks as a tactical focus given improving fundamentals and
increased dividends and buybacks.
