Skip to main content
JP Morgan Asset Management - Home
  • My Collections
    View saved content and presentation slides
  • Logout
  • Products
      Contact Us

      Products

      • Funds Overview
      • Mutual Funds
      • ETFs
      • SmartRetirement Funds
      • 529 Portfolios
      • Alternatives
      • Separately Managed Accounts
      • Money Market Funds
      • Commingled Funds
      • Featured Funds

      Asset Class Capabilities

      • Fixed Income
      • Equity
      • Multi-Asset Solutions
      • Alternatives
      • Global Liquidity
    • Investment Strategies
        Contact Us

        Investment Approach

        • Overview
        • ETF Investing
        • Model Portfolios
        • Separately Managed Accounts
        • Sustainable Investing
        • Commingled Pension Trust Funds

        Tax Capabilities

        • Tax Active Solutions
        • Tax-Smart Platform
        • Tax Insights
        • Tax Information

        Education Savings

        • 529 Plan Solutions
        • College Planning Essentials

        Defined Contribution

        • Retirement Plan Solutions
        • Target Date Strategies
        • Retirement Income
        • Startup and Micro 401(k) Plan Solutions
        • Small to Mid-market 401(k) Plan Solutions

        Annuities

        • Annuity Essentials
      • Insights
          Contact Us

          Market Insights

          • Market Insights Overview
          • Guide to the Markets

            The J.P. Morgan Guide to the Markets illustrates a comprehensive array of market and economic histories, trends and statistics through clear charts and graphs.

          • Quarterly Economic & Market Update

            Watch J.P. Morgan Asset Management Chief Global Strategist Dr. David Kelly as he focuses on the most important themes for investors.

          • Guide to Alternatives

            Objective insights on alternatives industry trends, with charts and data across private equity, private credit, real estate, infrastructure and hedge funds.

          • Market Updates

            Read our weekly commentaries to get market insights that may help inform your investment strategy.

          • On the Minds of Investors

            What investment questions are on the minds of investors? Explore the questions investors ask frequently and find answers at J.P. Morgan Asset Management.

          • Principles for Successful Long-Term Investing

            Eight time-tested strategies for guiding investors through today’s challenges and toward tomorrow’s goals.

          • Weekly Market Recap

            Browse our Weekly Market Recap for a summary of the latest U.S. stock market headlines and insights, including an update on the S&P 500 returns.

          Portfolio Insights

          • Portfolio Insights Overview
          • Asset Class Views

            Commentary, strategic perspectives and in-depth analysis from our investment teams to help guide your portfolio decisions.

          • Taxes

            Our investment specialists and market strategists share their perspectives on key themes and solutions for tax management.

          • Equity

            We highlight themes and implications from our equity team to help guide your portfolio decisions.

          • Fixed Income

            We highlight themes and implications from various fixed income teams to help guide your portfolio decisions.

          • Multi-Asset Solutions

            We review trends across markets and economies, consider what they mean for our multi-asset portfolios and present a positioning update.

          • Alternatives

            Drawing on the insights and experience of more than 800 global alternatives professionals, we share our perspective on the alternatives landscape.

          • Long-Term Capital Market Assumptions

            Our Long-Term Capital Market Assumptions (LTCMAs) deliver forward-looking return, volatility and correlation estimates for 200+ asset and strategy classes in 20+ base currencies.

          • Strategic Investment Advisory Group

            The Strategic Investment Advisory Group approaches today’s investment challenges with a global view across asset classes.

          Retirement Insights

          • Retirement Insights Overview
          • Guide to Retirement

            Our Guide to Retirement, updated annually, provides an effective framework for retirement planning conversations with clients.

          • Principles for a Successful Retirement

            Using slides from the award-winning Guide to Retirement, we present 7 essential retirement planning principles, to help investors make more informed decisions.

          • Retirement Hot Topics

            Monthly short-form articles on timely retirement topics, with concise, up-to-date information for informed retirement planning decisions.

          • Social Security and Medicare Hub

            Our Retirement Insights team’s guidance on Social Security and Medicare strategies, with actionable research for a secure retirement.

          ETF Insights

          • ETF Insights Overview
          • Guide to ETFs

            Explore J.P. Morgan Asset Management’s ETF investing guide with insights on ETF market trends and best investing practices for smarter portfolio decisions.

          • Monthly Active ETF Monitor

            Monthly ETF roundup covering U.S. AUM trends, fund flows, investor positioning, active ETF growth launches, and key developments across the industry.

        • Tools
            Contact Us

            Portfolio Construction

            • Portfolio Construction Tools Overview
            • Portfolio Analysis
            • Model Portfolios
            • Investment Comparison
            • Heatmap Analysis
            • Bond Ladder Illustrator

            Defined Contribution

            • Retirement Plan Tools & Resources Overview
            • Target Date Compass®
            • Heatmap Analysis
            • Core Menu Evaluator℠
            • Price Smart℠
          • Resources
              Contact Us
              • Overview
              • Account Service Forms
              • Tax Information
              • News & Fund Announcements
              • Insights App
              • Webcasts
              • Continuing Education Opportunities
              • Library
              • Market Response Center
              • Artificial Intelligence
              • Podcasts
            • About Us
                Contact Us

                About us

                Backed by $4.6T in assets, we harness our active edge to deliver timely ideas and actionable insights that empower investors to achieve what matters most.

                • Overview
                • Diversity, Opportunity & Inclusion
                • Spectrum: Our Investment Platform
                • Media Resources
                • Our Leadership Team
                • Our Commitment to Research
              • Contact Us
              • DST Vision
              • Shareholder Login
                • My Collections
                  View saved content and presentation slides
                • Logout
              • Financial Professional Login
              Log in
              You are about to leave the site Close
              J.P. Morgan Asset Management’s website and/or mobile terms, privacy and security policies don't apply to the site or app you're about to visit. Please review its terms, privacy and security policies to see how they apply to you. J.P. Morgan Asset Management isn’t responsible for (and doesn't provide) any products, services or content at this third-party site or app, except for products and services that explicitly carry the J.P. Morgan Asset Management name.
              CONTINUE Go Back
              On the Minds of Investors

              What does AI disruption mean for investors?

              SA
              Stephanie Aliaga

              Global Market Strategist

              NC
              Nicholas Cangialosi

              Investment Specialist

              Published: 02/20/2026
              For investors, this environment reinforces the importance of a diversified and forward-looking approach.

              2026 has gotten off to a seemingly calm start, with the S&P 500 essentially flat year-to-date after three years of strong AI-fueled gains. But beneath the surface, there have been notable shifts in market leadership as a new chapter of the AI story emerges—one defined less by the mega-cap leaders investing in AI and more by the broader set of industries potentially reshaped by AI.

              Markets reprice disruption risk

              Software companies have been at the epicenter of this shift. The rapid rise of AI agents, systems that can autonomously execute complex workflows, has raised questions about the demand for traditional software. If AI agents can perform tasks that previously required teams of employees, companies may need far fewer software licenses, compressing the per-seat subscription models that have underpinned SaaS valuations. At the same time, lower barriers to entry could invite new competition, and corporate IT budgets are increasingly being redirected toward AI infrastructure.

              The scrutiny has spread beyond software. In legal services, the release of AI-powered research plugins sent shares of established providers down by double digits. In logistics, a bold, unproven claim of AI-powered automation from a micro-cap newcomer triggered sharp declines across the sector, with the world’s largest freight brokerage and logistics technology platform falling as much as 24% intraday1. Similar pressure has surfaced across financials, business services and real estate, where investors are grappling with how to value companies whose competitive positioning could look very different in a few years.

              The increased need for infrastructure

              But before any such disruption can fully play out, the underlying infrastructure needs to keep pace. Agentic AI is dramatically increasing the intensity of computing required. One automated task can trigger dozens of inference calls, and scaling these systems across an enterprise requires substantially more memory bandwidth, custom silicon and data infrastructure than what exists today. In the case of memory, prices surged in 2025 with capacity at major producers essentially sold out through 2026.

              This means the timeline for disruption may be more gradual than recent price action suggests, and that the infrastructure buildout, from power and energy to semiconductors and networking, should remain a durable part of the AI investment story.

              Positioning for disruption

              Does all of this mean AI will ultimately displace established companies and the services they provide? It is a difficult question that requires some humility. We think some repricing makes sense, as AI introduces new competitive dynamics across industries and valuations should reflect that uncertainty. That said, there has also likely been some over-extrapolation.

              Companies, in software and elsewhere, will need to demonstrate meaningful revenue acceleration with the help of AI-driven products and show real operating leverage through their own adoption of these technologies. Until that evidence materializes, volatility in both directions is likely to persist.

              For investors, this environment reinforces the importance of a diversified and forward-looking approach. AI disruption adds a new dimension of risk, but it also creates opportunities, particularly during periods of aggressive repricing, to identify companies that are truly embracing innovation.

              1 A former karaoke company, Algorhythm Holdings, with just $6 million market cap pivoted to AI freight and claimed its platform could scale volumes 300-400% without adding headcount, triggering a 15% drop in C.H. Robinson, the world’s largest freight brokerage.
              11a61eb1-0730-11f1-bca0-b9347db20d7b
              • Markets
              • Artificial Intelligence
              • Equities