摩根大通警告美股秋季回调风险，AI热潮或重演2000年科技泡沫

The Odaily Planet Daily reports that JPMorgan has warned that despite global major stock indices still being in an upward trend, the market may face a risk of a pullback from late summer to early autumn. The bank stated that the internal structure of the U.S. stock market has been deteriorating recently, with funds shifting toward defensive assets and investor confidence in artificial intelligence (AI)-related stocks also weakening. JPMorgan strategist Jason Hunter pointed out that the current AI trading boom bears similarities to the tech stock bubble of 1999 to 2000, and that overly concentrated positioning in the technology sector could increase the risk of an adjustment.

Additionally, persistently rising U.S. Treasury yields, geopolitical tensions in the Middle East, and slowing consumer spending have also been listed by JPMorgan as potential sources of market pressure.

JPMorgan believes that the current AI investment cycle still holds long-term growth potential, but in the short term, market valuations, capital crowding, and investor expectations may subject tech stocks to greater volatility risk.