Full Signal Ultimate AI investing outlook 2026 | Stephanie Aliaga, JPMorgan Asset Management
Jan 7, 2026
Stephanie Aliaga, a global market strategist at JPMorgan Asset Management and AI expert, joins the discussion on investing's future. She dives into why AI isn't a bubble, comparing today’s data center build-out to the dot-com era. Stephanie highlights the shift towards diverse stock-picking strategies amidst concentrated AI gains and addresses circular financing risks. She also explores AI's impact on jobs and its implications for Fed policy, offering insights on productivity and market positioning for 2026.
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AI Growth Backed By Fundamentals
- AI enthusiasm isn't a bubble if prices track robust fundamentals like rapid adoption and enterprise spending.
- Markets are highly levered to expectations so small changes in timelines or competition could cause big market moves.
Data Centers Not A Repeat Of Dot-Com Bust
- Data center build-out differs from the dot-com era because utilization, balance sheets, and demand timing are different today.
- Current data center vacancy is historically low and hyperscalers expect capacity constraints for years.
Shift To Stock Picking For AI Winners
- Move from passive thematic exposure to active stock selection as AI benefits broaden across varied-quality firms.
- Evaluate company fundamentals, leverage, and moat durability before buying AI-related names.