JP Morgan strategists say tech stocks could reclaim some of the late-1H lost
momentum as crowding eases, earnings stay strong and valuations look more
reasonable. The team led by Mislav Matejka wrote on Monday that a three-month
pause has clarified positions and, together with rising capex and sustained
profit growth, "these factors should support investors refocusing on the
sector." JP Morgan added that while the outsized gains of 1H are unlikely to
repeat, recent cooling reflects concern that large AI investments may not meet
optimistic return expectations, and that renewed demand for tech would likely
boost South Korean equities and indirectly support emerging-market stocks.
