2026年展望报告：机遇与挑战并存：AI、市场碎片化与通胀新前沿投资精析（英文）

J.P·

MorganWEALTH

MANAGEMENTOUTLOOK2026promiseand

pressureInvestinginthe

newfrontierof

AI,fragmentationandinflationINVESTMENTANDINSURANCEPRODUCTS:•NOTADEPOSIT•NOT

FDIC

INSURED

•

NOT

INSUREDBYANYFEDERALGOVERNMENTAGENCY•NOBANKGUARANTEE•MAYLOSEVALUEThe

viewsexpressedhereinarebasedoncurrentconditions,subject

tochangeandmaydiffer

fromotherJPMorganChase&Co.affiliatesandemployees.

The

viewsandstrategiesmaynotbeappropriate

forallinvestors.Investorsshouldspeak

to

their

financialrepresentativesbeforeengaginginanyinvestmentproductorstrategy.

ThismaterialshouldnotberegardedasresearchorasaJ.P.MorganResearchReport.Outlooksandpastperformance

arenotreliableindicators

of

futureresults.Please

readadditional

regulatorystatus,disclosures,disclaimers,risksandotherimportantinformationattheendof

thismaterial.2ForewordThishastrulybeenayearof

transition.We’veseenachange

in

leadership

in

Washington,

D.C.,anewcycleofFederal

Reserveinterest

rate

cuts,

renewed

strengthininternationalmarkets,andfor

JPMorganChase,asignificantmilestone–amoveintoour

newglobal

headquarters.Aswelookahead,investorsarefacinga

pivotalshiftaswell.Threepowerfulforcesareshapinganewmarketlandscape:artificial

intelligence,

fragmentationandinflation.Inour2026Outlook,wehighlighthowAIis

settotransform

industriesand

investmentopportunities,butitalsobringstheriskofoverenthusiasm.Fragmentation–wheretheglobalorderisdividingintocompetingblocsand

supplychains–meansthatresilienceandsecurityaremore

importantthan

ever.Andwithinflationsettlingatahigherandmorevolatile

level,

investors

needtoadapttheirapproach.Theselong-termtrendsareunfoldingagainstagenerallypositivebackdrop.Therate-cuttingcycleshouldhelpfuelaglobalgrowthreboundandsupport

assetmarkets.Evenafteranotherstrongyearforequities,weexpectmulti-assetportfoliostodeliversolidreturnsin2026.

Butwesee

our

clients

holding

morecashthanbeforethepandemic,andthere’sstillsomeuncertaintyabout

the

market

rally.Transitionslikethesebringbothchallengesandopportunities.

Now

isthetime

tosharpenyourfocus–toseizetheopportunitiesaheadandprotectagainst

risksthatmaynotbeimmediatelyobvious.The

most

importantstepyoucan

takeistoestablishorrevisityourwealthplan.Our

job

isto

helpyou

buildaportfoliothat’snot

justpositionedfortoday,butstrongenoughtoweather

whatevercomes

next.Nomatterwhatthemarketsbring,we’llcontinuetorelyonthe

relationships

wehavebuiltovertimetodeliveryouourbest.Weare

honoredtostand

by

yoursideasyourfinancialpartner.KristinLemkauCEO,

J.P.

MorganWealth

Management3PositionfortheAIrevolutionThetechnologyistransformative.Capturetheupsidewhileavoidingtherisksofoverexuberance.Thinkfragmentation,notglobalizationAreconfiguredeconomyprioritizes

resilienceover

efficiency.Identifyopportunitieswheresecurity,energyandsupplychainsconverge.Prepareforinflation’sstructuralshiftInflationishigherand

becoming

morevolatile.Planwithintenttomaintainpurchasingpoweranddiversify

into

realassets.UncoverthepotentialofprivatemarketsManagerselectionandaccessareespeciallycrucialinthislandscape.Findtheright

partner.OUTLOOK

2026

REPORTKeytakeaways12344Part

1PositionfortheAI

revolution•••••Howwillweknowif

theboom

isaboutto

become

a

bust?AIandlabormarketchurn:

Old

jobs

lost,

new

jobs

born

WhatarethepotentiallimitstoAIexpansion?Craftingafour-partstrategytocapturevaluePrivateplayers,AIinnovatorsinventurecapitaland

privateequityPart

2Thinkfragmentation,

notglobalization••••••Trade:

FromcheapestorigintorulesoforiginChina:

Externalinfluence,internal

innovationEuropeandefense:

FrompeacedividendtoconflictcapexSouthAmerica:OwningwhattheworldneedsEnergy:ThebindingconstraintfortheAIrevolutionThedollarandalternativestoresof

value•

Fixedincomefinds

itsfooting•

Structuraldriversofinflation•

Thesubtle

risks

ofrising

sovereign

debt•

The

U.S.

housing

marketshortagePart

3Prepareforinflation’s

structuralshiftContentsOUTLOOK

2026

REPORT5IntroductionNotthis

year.Aneraoflowinflationandseamlessglobalizationisclearlyover.

Inits

place,three

powerful,interconnectedforcesaredefininganewmarketfrontier:artificialintelligence(AI),globalfragmentation

andinflation.Collectively,theypresent

oneoverarchingchallenge:

Howshouldyouinvestinaworldwherethepromiseofproductivitygrowth

drivenbyAIcollideswiththepressure

ofstickier,

morevolatileinflationandafracturedworldorder?Theforcesof

AI,fragmentationandinflationwillplay

outinwayswecannowonlyglimpse

onthe

horizon.Sometimestheinvestinglandscapeishardtoread.

InOutlooksfromprioryears,weoftenstruggledwithtangleddebatesandambiguousdata.The

picturelookedcloudyandblurred.ArtificialintelligenceAIcoulddrivethecostofexpertisetowardzero–a

transformationasprofoundastheriseofcomputing.

Thenewtechnologymayleadtogreater

productivity

andstrongercorporateprofitmargins,

butalsosignificantlabormarket

disruption

and

thepotentialforamarket

bubble.

Howcan

youcapturetheupsideof

thistransformation

whileavoidingtherisksoftechnologicalobsolescenceand“irrational”exuberance?OUTLOOK

2026

REPORT67Overthecomingyear,solideconomicfundamentalswilleasethepathforinvestors.Arate-cuttingcyclefromthe

Federal

Reserve(Fed),alongwiththebenefitsofreducedeconomicpolicyuncertainty,

should

help

globalgrowthreboundtowardatrend-likepace.Lowershort-termrates

inthe

UnitedStates

can

boost

risk

assetssuchasglobalequitiesandcredit.Asteadygrowthoutlook,amongotherfactors,willlikely

keep

long-

termbondyieldsrangebound.Inall,weexpectanother

solidyearof

returnsfor

multi-asset

portfolios.Butthisconstructiveoutlookshouldnoteclipsethepromiseandpressureat

hand

inthe

newfrontier.Investorsneedanewplaybook–anapproachthat

blends

resolvewithagilityand

usesstructural

change

tocreateopportunity.Here,weexaminethepowerandpotentialof

thethreeforcesdriving

markets,their

implicationsforassetclassesandthestrategieswebelievecanhelpyoureachyourfamily’sfinancialgoals.InflationInflationisacentralvariablein

portfolioconstruction,

andit’sundergoingastructural

shiftthat

makesitanevengreaterrisktoyourwealth.In

ourview,inflationwillbe

morevolatilethanitwasbeforethepandemicandmoresusceptibletoupwardshocks.Thisreflectsarange

of

factors,includingcorporateandconsumerpsychology,persistentfiscaldeficitsandelevatedhousehold

wealth.

Isyourplanintentionalaboutmaintaining

purchasingpowerandreducing

portfoliofragility?FragmentationTheglobalorderissplinteringinto

competingblocs,contestedsupplychainsandfragilealliances.

Accesstonaturalresourcesandenergy

is

now

astrategicpriority.Asthesedynamicsredirecttrade

andcapitalflows,theyarecreatinginterestingprospectsforinvestmentgains(andlosses).What

regionsandsectorslookpoisedtooutperformwhenthedesireforefficiencyiseclipsed

by

thedemandforresilienceandsecurity?OUTLOOK

2026

REPORTPart

1Positionforthe

AI

revolutionOUTLOOK

2026

REPORTSinceOpenAI

launchedChatGPT

in

late

2022,investorshave

beencaptivatedbythe

promiseof

AI.Threeyearslater,theAI

boomisstillgainingmomentum.Webelievethis

potenttechnologywilldisrupt

labormarketsand

boostproductivitygloballywhilecreatingvalueacrosspublic

andprivate

markets.Yes,tech

stockskeepdriving

marketgains,but

no,wedo

notsee

abubbleaboutto

burst.Attheheartof

theartificial

intelligencestory

is

generativeAI.1

Capabilitieshavestrengthened

rapidly,andcostshave

plunged.

Modelsnowhallucinateless,

handle

longer

contextwindowsanddemonstratestrongerreasoning.

Whileperformancegainsacrossabroadspectrumofbenchmarkshaveslowedveryrecently,progressin

leading-edgeagenticmodelshasbeenencouraging.Some

estimate

thatagenticmodelscould

reach

human-levelperformancebythespringof2026.21Broadly

speaking,generative

AI/large

language

models(LLMs)

arecomputer

programsthat

learnandgeneratetext,

images,audio,softwarecodeorother

media

usinganarchitecturetrained

on

large

pools

of

data.Examples

of

LLMs

include

OpenAI’s

ChatGPTandAnthropic’s

Claude.2Per

Mark

Newman,a

technology

analyst

at

Bernstein:

“For

instance,

extrapolatingfromtheOSWorldagentictask

benchmark

impliesleading-edge

models

are

improving

by37

percentage

points

peryear,which

would

imply

human-level

performance

in

May2026(for

comparison,current

leading

models

are~44%,

leading

agenticframeworks

are

at61%

and

human

benchmark

is72%).

”POSITION

FOR

THE

AI

REVOLUTION9Sep’22Mar’23Sep’23Mar’24Sep’24

Mar’25Sep’25●UnitedStates

○ChinaSource:ArtificialAnalysis.

DataasofOctober

3,

2025.

Note:

Artificial

Analysis

Intelligence

Indexv3.0

incorporates

10

evalutions:

MMLU-Pro,

GPQA

Diamond,

Humanity’s

Last

Exam,

LiveCodeBench,

SciCode,AIME2025,

IFBench,AA-LCR,Terminal-Bench

Hard,τ2-BenchTelecom.WHILE

THE

PERFORMANCE

OFAI

MODELS

HAS

RECENTLY

STALLED,

THE

NEXT

LEAP

COULD

COME

FROMAGENTICAIFrontierAImodelintelligence

index80706050403020100GPT-5CodexDeepSeekV3.1Terminus本报告来源于三个皮匠报告站（）,由用户Id:349461下载,文档Id:970430,下载日期:2025-11-22POSITION

FOR

THE

AI

REVOLUTION10Sovereigninitiatives,suchasthe$500

billion

U.S.Stargateprojectand

Europe’s200

billioneuro($232

billion)

InvestAIprogram,alongsidesimilarefforts

inthe

United

Kingdom,SaudiArabiaand

Koreaare

addingglobalmomentumtotheAIacceleration.Chinesepolicymakershaveencouraged

banksandlocalgovernmentstodirectfinancingforAItechnology

andinnovation,andChineseresearcherscaptured40%of

globalAIcitationsin2024,fourtimes

more

thantheUnitedStatesorthe

EuropeanUnion(EU).7Adoptionof

AIisbroadeningacrossthe

economy,andconsumersareleadingtheway.ChatGPTboastsover700million

monthlyactive

userswhosend18billion

messages

perweek.8

Businessesaremovingmoreslowly,butwethinkthatadoptionwillcontinue.U.S.businesssurveysshowAIintegrationrisingsteadily,with10%of

firms

reportingtheynowuseAItoproduceagoodor

service.AccordingtoanalternativeAIadoptionindexfrom

Ramp,afinancialtechnologycompanythatprovidescorporateexpenseservices,nearly45%ofbusinesses

alreadypayfor

LLMsubscriptions.9

Over300,000enterprisesarecustomersof

Anthropic.10

Theearnings

ofhyperscalers(companiesthatprovidecloudcomputingtechnologyatscale)pointtosustained

demandforinference(actualuseof

AI

models).However,thedominanceof

theAIthemeinpublicandprivateequitymarkets

hassparked

an

incessantdebateoverwhetherweareinabubble.Thistechnologicalprogresshassparkedasurge

ininfrastructureinvestment.

LargeU.S.techcompanies

havetripledtheirannualcapitalinvestment(capex)

spendingfrom$150billionin2023towhatcouldbeover$500billion

in

2026.

Spendingfromthe

leaders(Alphabet,Amazon,

Meta,

Microsoft,Oracleand

Nvidia)nowaccountsforalmost25%

of

totalU.S.marketcapex.3

AI-related

investment

contributedmoretoU.S.grossdomesticproduct

(GDP)growththanconsumerspendingin2025.4ThegrowthimpulsefromAI-relatedspendingwillalmostcertainlyprovideanimportant

source

ofGDPgainsin2026.Our

roughestimate

isthat

OpenAI

alonehasannouncedplanstobuild

datacenterswithover25gigawatts(GW)ofcapacity.

GiventhateachGWrequires

around

$50

billion

incapitalinvestment,theyaretargetingwellover$1trillionintotalcapexoverthe

nextseveralyears.5

Byanymeasure,thatisa

meaningfulsum.Howmuchistoo

much?AIinvestment

is

currently

around1%ofGDP.

In

priorgeneral

purposetechnologyinvestmentcycles(e.g.,electricity,railroads,communications),investmentpeakedat2%–5%of

GDP.6

As

impressive

as

the

AIinvestmentboomhasbeen,the

historical

precedent

suggeststhatitcouldstilldoublefrom

here.3Empirical

Research

Partners.The

Hyper

scalers:

Making

the

Jump

to

Hyperspace?

August

11,2025.4

J.P.

MorganAsset

Management.Is

AI

already

driving

U.

S.

growth?September

12,2025.5

Puck.

OpenAI’s

Fuzzy

Math.October

1,

2025.6Goldman

Sachs.

The

AI

SpendingBoom

Is

Not

Too

Big.

October

15,

2025.7

Digital

Science.Deep

Seek

and

the

New

Geopolitics

of

AI:China’s

ascentto

research

pre-eminence

in

AI.July

10,2025.8

NBER.How

People

Use

ChatGPT.

September

2025.9

Ramp.

Ramp

AI

Index.September2025.10Anthropic.Expanding

our

use

of

GoogleCloud

TPUs

and

Services.October23,2025.POSITION

FOR

THE

AI

REVOLUTION11Howwillweknow

if

theboomisaboutto

becomeabust?IsAIabubble?Thequestionis

on

everyone’s

minds.

Today,

nearly40%oftheS&P500’smarket

capfeels

thedirectimpactofperceptionsor

realities

related

toAIusage,investment,infrastructureconstruction

andproductivitygains.Whethertotheupsideortothedownside,AIwillalmostcertainlybethemostimportantdriverofpublicequity

marketreturnsoverthenextfewyears.Tofeelcomfortable

allocatingcapitaltostocks,wemustfeelconfident

thatwearenotabouttoseeabubbleburst.Marketandeconomicbubblesfollowaconsistent

narrative.Mostbubblesstart

becauseofaninvestorthesisthattheworldischanging–undergoingaparadigmshift.

Believers

build

capacitytomeetfuturedemand.Thebubblebeginstoforminpart

becausecredit

iswidely

available.

Decayingunderwritingstandardsand

increasingleveragecauseadisconnect

between

economicfundamentalsandmarketvaluations.Moreandmoreinvestors

jointhecrowd

–

untilfundamentalsfinallyprevailandthebubblebursts.POSITION

FOR

THE

AI

REVOLUTION12A

paradigmshiftBubblesoftenemergefromanideathatanewtechnology,demographictrendorpolicyshiftwillprofoundlychangetheworld.

Notablehistoricalexamplesincludetherailroadboom

inthe

1840sandtheinternetboominthe

late

1990s.Thosetransformationsdidindeedchangetheworld,buttimingmatters.

From1843to

1853,

railway

miles

inthe

United

Kingdomnearlyquadrupled,but

railway

revenue

permilewasflattodown.11

Bymid-2001,telecomcompanieshadinstalled39

million

milesof

fiber,

but

only10%of

thosefiberswerelit,

and

each

litfiberwasutilizing

just10%of

thewavelengthsavailable.12Boththerailroadandinternetboomsfeaturedtremendousexcesscapacity–capacitythatwasnot

justifiedbyconcurrentconsumerdemandoruniteconomics.Today’sAIstorycertainlyfeatures

therhetoricandinvestmentyouwouldexpecttoseeduringaparadigmshift.

Butwedo

notyetsee

excesscapacity.Datacentervacancyrates

are

ata

recordlow1.6%,andthree-quartersofdatacenter

capacityunderconstructionarepre-leased.13

Across

thecomputing,poweranddatacentervaluechain,

componentsarescarcerelativetodemand.AndthelatestearningsseasonconfirmsthatAIuse

is

drivingrevenuegrowthforthelargestcompanies.AbundanceandavailabilityofcreditBubblesexpandbecausecheap,speculativecapitaldrivespricesever

higher.

Inthe17th

century,Amsterdam’sdeepcreditmarketsfueledTulip

Mania,whilethe

Japaneseassetbubbleof

the1980s

reliedon

bankloanscollateralizedbyartificially

inflated

corporate

equityvalues.ThehousingbubblethatprecededtheGlobal

FinancialCrisis(GFC)wasinflated

bysubprime

mortgages,securitizedinaninterconnected“shadowbanking”sector.

Inthe2010s,anenergystockbubble

formedasoilproducersaccessedinexpensivefinancing

madepossibleby

policy

rates

pinnedatzero.Oracle’srecentforayintodebtmarketssignalsthatthenextphaseof

theAIinfrastructurecyclewillrelymoreon

credit.

Thedeal

was5xoversubscribed,and

we

thinkpublic

markets

willbe

willing

to

finance

thelargest

techcompanies,

whichallhavetighterspreadsthanthebroadinvestment

gradeindex.14

AstheFedrate-cuttingcycleprogresses,creditseemslikely

to

financemore

AIinvestment.

Thiscould

wellhappen,givenlowleverageinthe

large-capequityspaceandover$500billioninprivatecreditdry

powder.15Oncewe’veestablishedapatterntoassessirrationalexuberance,wecanuseittoevaluate

theAItrade.HereishowwethinkAInowstacksuprelativetofivekeyelements:11University

of

Minnesota.

The

railway

mania

of

the

1860s

and

financial

innovation.

March3,

2024.12The

Optical

Society.Boom,

Bubble,

Bust:The

Fiber

Optic

Mania.

October2016.13

CBRE.

North

America

Data

Center

Trends

H1

2025:

AI

&

Hyperscaler

Demand

Lead

to

Record-Low

Vacancy.August

19,2025.14Morningstar.

Why

Oracle’s

‘jumbo’AI-fueled

bond

deal

is

so

unusual.

September25,

2025.15Empirical

Research

Partners.Private

Debt:A

Game

Changer?

April29,

2025.12POSITION

FOR

THE

AI

REVOLUTION13Bubblestypicallyexpandasfinancialstructures

magnifygainsandobscurerisk.TheSouthSeabubble16

featureddebt-for-equityswaps;thepre-

1929crashyearsroaredwithmargin

buying.Morerecently,specialpurpose

acquisitioncompanies(SPACs)expandedviaredemptionputsandfreewarrants.

IntheAIarena,financial

innovationandengineeringareaccelerating.Amongrecentexamples:Companiessuchas

Lambda

andCoreWeavehaveissueddebtcollateralizedbytheirhigh-endGPUs,17

andAlibaba

recentlyannouncedazero-couponconvertiblesecuritytofunddatacenterinvestment.

Intermsof

financialengineering,technologysectordebtanddatacenter-

relatedasset-backedandcommercialmortgage-backedsecurityissuancehave

bounced

backtolevelslastseenin2020

and2021.18

Butthese

arerelativelystraightforwardfeaturesofcapitalmarkets.

If

thehyperscalersdecidedtolevertheir

balancesheetsto2.8xnetdebtto

EBITDA(the

medianforaninvestmentgradecompany),itcould

result

inanadditional$1trillionofcapitaltospend.Onecouldalsoarguethatthe“circular”investments

fromtheAIsupplychaincouldbean

example

offinancialengineering.Thesedeals(inwhichkey

industryplayersbuyandsellfrom

oneanother

usingequityandcomputingpowerascurrency)certainlyincreaserisk.

Butthey

couldalsocreateamoresymbioticecosystemwith

morecompetitionforbothhardwareandsoftwarethat

couldleadtoamore

balanced

landscape.Wearesearchingforsignsthatunderwritingstandardsaredeteriorating,whetherforpowerpurchaseagreementsorforprivateequityandventureinvestments.Todate,aggregatecashflows

fromoperationsstillexceedcapitalexpenditures

anddividendsforthemajorplayers.

Leveragewill

likelycontinuetogrowasAIinvestmentcontinues,

butAIspendingtodayisfueledbycashflows.16In

1720,shares

in

the

South

Sea

Co.

crashed,

part

of

the

first

internationalstock

marketcrash.17Graphics

processing

units,an

electronic

component.18Penn

Mutual

Asset

Management.Pricing

the

Infrastructure

Boom:Data

Center

Trends

in

Structured

Markets.October9,2025.Increasingleverageand

decaying

underwritingstandards314Afeedbackloop

drivenbyspeculationand

broadparticipationEverybubbleattractsnew

participantsconvincedthatrisingpricesarea

self-fulfilling

prophesy.

Dutchartisansboughttulipbulbsformultiples

of

theirannualincomes,andLasVegasbartendersflippedhousesin2005.

Recentinitial

public

offering

(IPO)performancesuggestsmoresignsof

froth.Exuberance

isbuilding,but

itwould

needtoreach

much

higherlevelsbeforewewouldgrowmorecautious.Whenweconsidertheevidence,itseemsclearthattheingredientsforamarketbubblearepresent.Thatsaid,wethinktheriskthatabubble

willforminthefutureisgreaterthantheriskthat

wemaybe

atthe

height

ofone

right

now.MovingpasttheAIbubbledebate,here,sthemore

importantquestionforinvestorstoask:Whowill

ultimatelycapturethevaluefromthistechnological

transition?Unfortunately,history

provides

noclearpatternforwhichcompanieswillultimately

capturethevalueof

technologicaltransitions.Insomeinstances,suchas

U.K.

railways,fiber

optic

cablesandtelecoms,thefirstmoverssufferedpainfuldrawdownsonlytoseenewentrantscapitalizewhenassetpriceshadcollapsed.

Ontheotherhand,firstmovers

intheinformationtechnologytransition(e.g.,

IBM,

Microsoft,Ciscoand

Amazon)wereabletocaptureandretainmarketshareevenasotherentrantscapitalizedonthe

ecosystemthatdeveloped.U.S.electric

utilities

maintainedmarketshare,but

regulationsended

upcurtailingtheultimatereturntoinvestors.AgapbetweenvaluationandcashflowsIneverybubble,valuationsincreasebeyondwhat

fundamentals,cashflowsorusecasesalonewould

justify.

Duringthedot-combubble,companieswentpublicwithno

revenues.Cisco’s

stock

price

increasedby40xfrom1995to2000,while

itsearningsgrewby

just8x.Today,weareseeing

pocketsof

frothinprivate

markets.

Unicorns–privatecompanieswithgreaterthan$1billioninmarketcap–are

nowworth

nearly

12%of

theNasdaq;thatshareisclosetoits

peak

in

2021.19Andthevaluationgrowthof

AIstartupshasconsistentlyoutpacedthatofnon-AIcompaniesacrosseveryseries.Forexample,the

medianSeries

Bstep-upis2.1xforAIstartupsversus

1.4xfornon-AIstartups.AIcompaniescommandmedian

valuationsthatare56%higheratSeriesCand230%higheratSeries

D+than

non-AIcompanies.20Butinthepublic

markets,AIcompanies

havegeneratedtheirreturnsentirelythroughearnings

growth.Overthelastthreeyears,theforwardprice-to-earnings(P/E)

multipleofpubliclytradedAIstockshasdeclinedwhileearningsper

share(EPS)estimateshavemorethandoubled.Overthepastfiveyears,

Nvidia’sstockprice

increased14x,whileearningsgrew20x.19Coatue.

October

2025.20PitchBook.

VC

Valuations

andReturnsReport.August

11,2025.45POSITION

FOR

THE

AI

REVOLUTION15In2026,webelieve,AIwillbringnotabledisruption,withconsequencesacrossthe

economy.Aswediscussinthefollowingsection,AIwilllikelyhaveamorevisibleimpact

onthe

labor

market,and

some

existing“softwareasaservice”andothertechcompaniesmayfeel

moreof

theAI“sting.”But

disruption

canalso

bring

tremendousopportunity.Thebiggestrisk,tous,isnothaving

exposuretothistransformationaltechnology.WATCHING

THE

IPO

MARKET

FOR

SIGNS

OF

EXUBERANCEPerformanceofrecent

IPOs,%300%

6-month(annualized)

12-monthSources:J.P.

Morgan,

Bloomberg

Finance

L.P.

DataasofOctober

31,

2025.Note:

Basket

rebalanced

monthly

byJ.P.

Morgan

Investment

Banktocapture

recent

U.S.

IPOs.250200150100500-50-100,20,21,22,23,24,25POSITION

FOR

THE

AI

REVOLUTION16HowmightAItechnologyimpactthelabor

market?

Thisstory,too,hasonly

just

begun.Some71million

U.S.knowledgeworkers(averageannual

salaryaround$85,000)representa

roughly$6trillionaddressablemarket.Someestimatessuggestover60%of

jobsin

developed

marketsarevulnerabletoupheavalfromAItechnology.21

Inmanyways,investors