JPMorgan sees dot-com-era divergence in AI stocks as Citi flags most bearish signals since 2008

Macro Impact 4
โดย Motley Fool·Read original
Summary · why it matters

JPMorgan Chase has identified a growing divergence between artificial intelligence hardware stocks and the shares of companies spending heavily on AI infrastructure, a pattern it says is reminiscent of the 1999-2000 dynamic before the dot-com crash. Analyst Jason Hunter noted that while Micron has surged nearly 250% year to date, Amazon and Microsoft have posted negative returns so far in 2026. Separately, Citi's Bear Market Checklist is flashing 10 global and 11.5 U.S. warning flags, the highest number since before the 2008 stock market crash, though still below the 17.5 flags seen before the dot-com bust. Valuation metrics are also elevated, with the S&P 500 Shiller CAPE Ratio at its highest since early 2000 and the Buffett indicator at a record 233.8%. Despite the cautionary signals, both JPMorgan and Citi remain generally optimistic and do not advise panic, while urging investors to be selective and mindful of valuations.

Impact on stocks 5

Artificial Intelligence▼ · 2 stocks
Amazon.com Inc
AMZN
▼ NegativeCapitalrelevance

Article notes Amazon has posted negative returns in 2026, part of AI infrastructure spending divergence pattern reminiscent of dot-com era.

Microsoft Corporation
MSFT
▼ NegativeCapitalrelevance

Article notes Microsoft has posted negative returns in 2026, part of AI infrastructure spending divergence pattern.

Digital Finance & Tokenization▲ · 2 stocks
Semiconductors▲ · 1 stocks
Micron Technology Inc
MU
▲ PositiveCapitalrelevance

Article notes Micron has surged nearly 250% year to date, highlighting its outperformance in AI hardware.

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