JPM · News · 20261022N

AI Infrastructure Demand

JPMORGAN CHASE & CO · 2026-10-22 · Importance 14 · Surprise 24

JPMorgan strategist Nikolaos Panigirtzoglou said recent selling in AI-related stocks may be approaching a limit after equity positioning reset significantly from mid-September levels. JPMorgan also said the AI capital-expenditure cycle would not be derailed if the funding model for neocloud companies proved unviable. The bank characterized neoclouds as neither a critical nor large segment of the overall AI ecosystem, implying continued broader AI infrastructure demand despite financing concerns.

Key facts

• JPMorgan told clients in a new note that recent selling in AI-related stocks may be nearing its limit. source
• JPMorgan argued that the AI capex cycle would not be derailed even if neoclouds' funding model proved unviable. source
• JPMorgan strategist Nikolaos Panigirtzoglou said JPMorgan's overall equity positioning metric points to much lower positioning than at the recent peak. source