JPMORGAN SEES EARNINGS SUPERCYCLE LIFTING US STOCKS

INDUSTRY DESK■ 1 MIN READ

WED, JUN 3, 2026

■ AI-SUMMARIZED FROM 3 SOURCES ▸ TIMELINE

JPMorgan strategist Nataliia Lipikhina projects an earnings supercycle will drive US stocks to record highs, fueled by hyperscaler spending and advances in agentic AI. The bank recently raised its S&P 500 target based on expected 20% earnings growth in 2026.

Lipikhina, head of EMEA equity strategy at JPMorgan Private Bank, cited heavy capital expenditures from major tech companies and progress in agentic artificial intelligence as key drivers of the supercycle. The bank's optimism reflects broader market sentiment around AI as a transformative force. Goldman Sachs separately noted that AI investment represents a "fundamental, generational" phenomenon filtering through to the broader economy. JPMorgan's revised S&P target incorporates expectations that US corporate earnings will expand significantly through 2026, extending gains beyond near-term projections. The supercycle thesis suggests sustained profit growth across multiple sectors as companies deploy AI technologies and scale infrastructure. The outlook assumes continued strong investment cycles and successful translation of AI spending into measurable business returns.

■ SOURCES

► Bloomberg Tech ► Bloomberg Tech ► Bloomberg Tech

■ SUMMARY WRITTEN BY AI FROM THE LINKS ABOVE

■ MORE FROM THE BUSINESS DESK

P578CALIFORNIA WEIGHS NET NEUTRALITY LAW REPEAL FOR FEDERAL GRANTS

California may dismantle its state net neutrality protections to qualify for Trump administration broadband funding. The federal grants explicitly prohibit states from enforcing net neutrality rules.

JUST NOW— Industry Desk

P576AUSTRALIA CONSIDERS UNRESTRICTED AI DATA ACCESS

The Albanese government is weighing reforms that would allow AI companies default access to all online content created by Australians. The move comes as big tech companies push for legal permission to scrape user-generated data.

1H AGO— AI Desk

P571AUTOMATTIC EXECS SIGNED SEVERANCE DEALS DURING MULLENWEG ABSENCE

Automattic's interim CEO Mark Davies and legal chief Andy Missan signed reciprocal severance agreements while founder Matt Mullenweg was on leave, each guaranteeing a year's salary and accelerated equity vesting upon departure.

2H AGO— Industry Desk

P572X ENABLES U.S. USERS TO TRADE STOCKS VIA CASHTAGS

X has launched a trading feature allowing U.S. users to execute stock trades directly through cashtags on the platform. The feature bridges discussion and execution, letting users act on market conversations without leaving the app.

2H AGO— Industry Desk

◄ BACK TO NEWS

JPMORGAN SEES EARNINGS SUPERCYCLE LIFTING US STOCKS

■ MORE FROM THE BUSINESS DESK

■ SUBSCRIBE TO THE DAILY BRIEF