Why tech stocks are likely to take a back seat for the rest of 2026, according to JPMorgan strategists

JPMorgan strategists expect non-U.S. shares to outperform technology stocks in the second half of 2026, according to the bank's analysis. The strategists favor semiconductor stocks over companies operating large data center and cloud computing operations, known as hyperscalers. JPMorgan did not provide a timeline for when this preference shift would occur or specific performance projections.

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