1. JPMorgan remains bullish on global equities, but currently favors the US and Asia. European valuations and positioning may offer opportunities for recovery, but sovereign debt and political risks continue to limit certainty.
2. In terms of specific allocation, AI trading is shifting from a single "semiconductors vs. software" framework to a more diversified portfolio. Technology bulls should simultaneously cover AI inference infrastructure, long-cycle infrastructure such as semiconductor equipment, low-leverage hyperscale cloud providers, AI application software, and some promising AI-affected companies. In other words, the AI investment theme has expanded from single hardware to multiple levels including infrastructure, cloud, and applications. (JPMorgan Report, October 13)