J.P. Morgan – Eye On The Market Outlook 2026

Summary

This report focuses on the impact of generative AI on global markets and the concentration of returns among a few hyperscale and semiconductor companies.

It highlights the significant growth in market capitalization of key AI-related companies and identifies medium-term risks including US power generation constraints, geopolitical tensions involving China and Taiwan, and potential shifts in hyperscaler profitability. The report also provides historical context on populism and broader macroeconomic insights for investors.

Region: North America

Published: January 2026

Author(s): J.P. Morgan

Language: English

Tech drivers: AI Metaverse & Web3 Mobile Quantum Computing

Social drivers: Aging population Pandemics

Geopolitical drivers: Economic conditions Political instability and conflicts Regulatory changes Supply chains disruption Workforce availability

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