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Bloomberg：Technology·· 1 天前AI 评分26

JPMorgan Private Bank：AI 将持续推动强劲盈利

JPMorgan Private Bank Says AI Set to Drive Strong Earnings

AI 导读

JPMorgan Private Bank EMEA 股票策略主管 Nataliia Lipikhina 表示，AI 行情仍在延续，需求强劲而供给受限，预计未来几周财报季将再次确认这一趋势。她认为科技板块在 9 月风险环境下仍表现突出，CapEx 预计将继续走高，分析师此前低估了其规模。

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Oct 8th, 2026

JPMorgan Private Bank Says AI Set to Drive Strong Earnings

Nataliia Lipikhina, head of EMEA equity strategy at JPMorgan Private Bank, discusses how artificial intelligence continues to underpin global equity markets, particularly the tech sector. "I think the market comes to realization that actually the AI story continues," she tells Bloomberg Television. "Demand is still really strong, and supply is still constrained," Lipikhina adds.

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0:00

When it comes to AI, we continue to be positive on the whole AI build out

0:04

story. To me, what I find fascinating is how the sector... I mean, tech sector has

0:08

performed in summer and then in September. Basically, in summer, everyone was questioning the durability of

0:15

earnings. And then come September, we had a risk of environment, and tech was actually the

0:19

only sector that has done really well. And I think the market comes to realization that

0:23

actually the AI story continues. And in fact, when you look into the demand supply picture,

0:29

demand is still really strong, and supply is still constrained. So I wouldn't be surprised if

0:35

we get another strong set of earnings in the next couple of weeks as we go

0:39

into the earning season where we'll get the confirmation this AI story continues.

0:43

Okay. And so when we go into that earning season, Natalia, are we still looking for

0:47

big CapEx numbers? From what you've said, if supply is still constrained, maybe we do want

0:51

big CapEx numbers. But when you look at the listings that are that are trying to

0:55

come to market, the the the big large language models, there is one interpretation of the

1:00

warnings they've been given recently, which is, you know, help us slow down CapEx. We don't

1:03

want to be spending quite so much at the frontier, and maybe investors have been bulking

1:07

at that. So what are we looking for when it comes to CapEx at this stage

1:10

of the cycle?

1:11

Yeah. I think we still think that CapEx will continue to go higher. In fact, the

1:16

analysts have been underestimating in the last couple of years the scale of the CapEx that

1:21

is happening. I think the key to watch really is the cloud growth, the cloud's revenue

1:27

numbers for those hyperscalers to understand if they actually can invest more in the future. And

1:33

this is the reason why we think these companies can continue to invest because fundamentally, they're

1:38

still very strong.

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