AI stocks are echoing a 1990s market split. JPMorgan warns the next few weeks are critical.

JPMorgan highlights a divergence in market performance between AI hyperscalers and chip/infrastructure stocks, likening it to a late-1990s-style setup. The note is primarily interpretive with no explicit earnings, guidance, or policy change, suggesting limited near-term incremental impact for most individual names.

Analysis

JPMorgan highlights a divergence in market performance between AI hyperscalers and chip/infrastructure stocks, likening it to a late-1990s-style setup. The note is primarily interpretive with no explicit earnings, guidance, or policy change, suggesting limited near-term incremental impact for most individual names.