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Posted June 1, 2026 at 10:30 am
Since bottoming on March 30, U.S. equities have rallied 19% and continue to push to new all-time highs, fueled in large part by sustained enthusiasm around artificial intelligence. The first quarter earnings season highlighted extraordinary growth across the AI supply chain. As a result, AI-linked returns are no longer being driven solely by a small group of hyperscalers. This year, the opportunity set has broadened from the companies funding AI capex to the companies enabling it.
One way to see this shift is by comparing returns of AI chip “customers” versus “suppliers.” Hyperscalers remain the primary customers for advanced chips deployed in data center projects, while suppliers sit upstream, providing the inputs, equipment and infrastructure that make the buildout possible. Compute has dominated the conversation around data center expansion, but builders must also solve for cooling and overheating prevention, server connectivity, and electricity distribution. Year-to-date, suppliers have outperformed customers by roughly 230%, suggesting the market is increasingly expressing the AI theme through the broader ecosystem rather than only through hyperscalers. Semiconductors, hardware, power and metals and mining have all benefited as demand for these inputs accelerates. This supplier strength is also supporting emerging market equity performance, given the concentration of key suppliers in Asia.
The AI theme is likely to remain a key driver for markets, but 2026 has made one point clear: the investable opportunity set is no longer confined to a handful of hyperscalers. As AI capex translates into real infrastructure, leadership has broadened from the check writers to the companies supplying the inputs that make buildout possible, which is a great reminder for investors that the ways to invest in the AI story will continue evolving.
Chart of the Week: Source: Bloomberg, J.P. Morgan Asset
Management. The company information above is being provided for
informational and educational purposes only. It is not intended nor
should it be relied upon as investment advice, guidance or a
recommendation to purchase, hold or sell any security. Data as of
5/28/26.
Thought of the week: Source: Bloomberg, J.P. Morgan Asset
Management. Data as of 5/28/26.
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Originally Posted June 1, 2026 – Weekly Market Recap
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