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We are currently positioned with a tilt toward high-quality technology and financial businesses with durable competitive moats and an avoidance of long-term projected cash-flow generation.
NVIDIA's data center dominance accelerates as hyperscalers expand AI infrastructure spending. The Blackwell architecture creates a multi-year competitive moat that the market continues to underprice relative to the earnings power trajectory.
BlackRock's private markets expansion and GIP integration positions the firm for outsized fee growth over the next decade. Secular inflows into alternatives and ETF dominance provide a durable earnings floor with significant optionality.
AWS re-acceleration combined with improving retail margins creates a powerful earnings inflection story. The advertising segment — often overlooked — is compounding quietly into a high-margin revenue stream that could surpass $80B by 2028.
Azure's AI integration layer is creating switching costs at an unprecedented scale. Copilot monetization is still in early innings and represents a step-function increase in per-seat revenue that consensus models materially underestimate.
Defense tailwinds are real but GTF engine remediation costs remain an overhang through 2026. We see the risk/reward as fairly balanced at current levels and await clearer margin recovery signals before upgrading to Buy.
Dimon's fortress balance sheet and best-in-class investment banking franchise positions JPM to take share through any cycle. Return on tangible common equity above 20% is sustainable and the stock still trades at a reasonable premium to peers.