JPMorgan Asset Management: AI Trade Not Broken, Winners Are Outpacing Losers
nashnova research
JPMorgan Asset Management strategist Raisah Rasid says the AI trade is intact; the recent pullback reflects scrutiny of capital returns, not doubt about the technology — and she favors short-to-intermediate investment-grade bonds as a buffer.
What exactly is behind the AI pullback?
Rasid draws a clear line: the selloff reflects investors demanding higher proof of capital returns, not a loss of faith in AI's long-term potential.
This means → the market hasn't turned against AI itself — it's asking "who can convert spending into profit." Valuation discipline is tightening; the narrative hasn't collapsed.
In plain terms = money still believes in the AI thesis — it's just getting pickier about which companies can actually deliver.
"Winners outpacing losers" — what is the market choosing?
Rasid's core call: the AI trade has not broken down. The market is sorting winners from losers, and winners are pulling ahead.
This means → capital isn't leaving the AI sector — it's migrating within it, away from "anything AI-adjacent rallies" toward companies that can show real earnings.
This reflects a new phase: the broad-based rally is over; dispersion has begun.
Why does she favor bonds right now?
On asset allocation, Rasid leans toward high-quality investment-grade bonds, particularly short-to-intermediate maturities on the yield curve.
Her logic has two layers: today's elevated bond yields deliver steady income and act as a cushion when equity volatility spikes.
In plain terms = equities are diverging and getting choppier; bonds happen to offer high yields right now — hold them for income, lean on them for shock absorption.
市场有风险，内容仅供研究参考，不构成投资建议。