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JPMorgan Chase: The current internal divergence in AI trading reminds people of the eve of the 1999 Internet bubble.

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Mars Finance News, July 2 — J.P. Morgan technical analyst Jason Hunter said in a client report that the divergence within the current AI trade is beginning to resemble the period before the 1999 internet bubble. The issue is that the stock prices of semiconductor, storage, and AI hardware suppliers continue to rise, while the hyperscale cloud providers that actually bear massive capital expenditures have significantly underperformed. Such divergence is critical in the market. The rise in AI hardware companies relies on cloud providers such as Microsoft, Meta, Alphabet, and Amazon continuing to purchase large volumes of chips, servers, storage, and data center equipment. If the stock prices of these "buyers" remain under pressure while the "sellers" continue to surge, investors will eventually question whether this capital expenditure cycle can be sustained. J.P. Morgan pointed out that if large cloud stocks cannot stabilize during the summer, the market may face greater downside pressure in the fall. In other words, the AI rally can still be supported by hardware profits and orders in the short term, but in the medium term, it needs to see the cloud providers themselves being re-recognized by the market.
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