Question-and-Answer SessionAbsolutely. So you're going to be following up a bunch of really bullish presentations this morning. So we're excited to hear from you. So speaking of which the lion's share of investors sitting in this room today and listening in are positioned for a capital markets renaissance of sorts in 2026. What stage are we in with regard to capital markets activity for this upcycle?Troy RohrbaughCo- CEO of Commercial & Investment Bank Sure. I mean you should rename it not big bank morning, ...

Core Insights - The article emphasizes the importance of retirement savings and the potential benefits of working with financial advisors to maximize returns and secure a comfortable retirement [2][4]. Retirement Savings Insights - A survey indicates that American retirees believe they will need an average of $823,000 in savings for retirement, while the general perception is that $1.26 million is necessary [4]. - The average retiree spends approximately $59,616 annually, which translates to about $5,000 monthly, while the average Social Security check is only $2,071 per month, creating a significant shortfall of nearly $3,000 [5]. - The median retirement savings for households aged 55 to 64 is around $185,000, highlighting a potential inadequacy in savings for many Americans [6][7]. Investment Strategies - Investing in gold is presented as a viable option to preserve retirement savings, with gold prices having increased over 70% in the past year, and projections suggesting prices could reach between $6,000 and $6,300 per ounce by the end of 2026 [11][12]. - Gold is viewed as a hedge against inflation and market volatility, making it an attractive asset for retirement portfolios [10][12]. Financial Tools and Services - Financial advisors can enhance investment returns by up to 3% through effective asset allocation, investment selection, and tax management [2]. - Services like Advisor.com offer personalized guidance to help individuals assess their retirement goals and investment strategies [8]. - Platforms like Acorns allow users to automatically invest spare change into diversified portfolios, making it easier to build savings [16][17]. - Real estate investment opportunities have become more accessible, allowing individuals to invest in shares of vacation homes or rental properties with minimal capital [19][20].

Core Viewpoint - The market's expectations regarding the short-term disruption of the software industry by artificial intelligence (AI) are overly pessimistic, and software stocks are poised for a rebound as unrealistic disruption scenarios have already been priced in [1] Group 1: Market Analysis - The team led by Dubravko Lakos-Bujas at JPMorgan suggests that investors should increase their holdings in high-quality software stocks that are resilient to AI disruptions [1] - The extreme price movements in the software sector indicate that capital is likely to flow back into this segment in the short term [1] - The report states that the market has significantly reduced its positions, and the overly negative perception of AI's impact on the software industry, combined with solid industry fundamentals, suggests that the risk balance is increasingly leaning towards a rebound [1] Group 2: AI Impact Assessment - JPMorgan analysts believe that investors have overestimated the disruption caused by AI on software stocks [1] - The market is currently pricing in the worst-case scenarios for AI disruption, which are unlikely to materialize in the next three to six months [1] - Software companies that demonstrate resilience to AI disruptions are seen as having significant growth opportunities [1]

JPMorganChase (NYSE:JPM) 2026 Conference February 10, 2026 09:40 AM ET Company ParticipantsTroy Rohrbaugh - Co-CEO of the Commercial & Investment BankOperatorAll right. Good morning, everybody. This is absolutely Big Bank morning. So, you know, obviously now we have the biggest bank of them all, JPMorgan. And with us today we have the Co-CEO of the CIB, the Commercial & Investment Bank, Troy Rohrbaugh. Welcome.Troy RohrbaughThank you very much for having me. I apologize in advance. I got a bit of a cold, so ...

摩根大通：我们在主经纪业务和外汇业务的人工智能项目正实现实实在在的收入增长。 来源：滚动播报 ...

【摩根大通策略师称对AI颠覆性的担忧过度软件股有望反弹】智通财经2月10日电， 摩根大通策略师表 示，软件股有望从历史性的下跌中反弹，因为市场体现的人工智能短期内颠覆性影响不切实际。由 Dubravko Lakos-Bujas领衔的团队称，随着"极端的价格走势"使得资金至少在短期内有可能轮动回到该 板块，投资者应增加对高质量、对人工智能颠覆性更具抵抗能力的软件股的配置。该团队在一份报告中 写道："鉴于持仓出清、对人工智能颠覆软件行业的前景过度悲观以及基本面稳健，我们认为风险平衡 正越来越偏向反弹。"由于担心新的人工智能工具可能对传统的软件即服务(SaaS)业务造成影响，软件 股近期遭受重创。此次抛售几乎无差别，不论软件公司是否已经与人工智能公司建立了合作关系，或者 拥有专有数据栈。 转自：智通财经 ...

摩根大通的分析师写道，投资者高估了人工智能(AI)将对软件股造成的干扰。这些分析师称："市场正 计入最坏的AI干扰情景，但这些情景在未来三到六个月内不大可能出现。"这些分析师表示，软件股很 有可能会反弹，具备AI韧性的公司尤其存在机会。这些分析师称，软件股的长期表现不佳是30多年来 非衰退期最大的年度跌幅，导致股价蒸发约2万亿美元。欧洲软件股（尤其是数据供应商）在午后交易 中进一步下跌，伦敦证券交易所集团下跌5.6%，延续了截至昨日收盘在2026年累计超过20%的跌幅。益 博睿下跌2.8%，Relx下跌1.5%。 来源：滚动播报 ...

格隆汇2月10日｜摩根大通策略师表示，软件股有望从历史性跌势中反弹，因为市场目前对人工智能带 来的短期颠覆性影响定价过高。由杜布拉夫科·拉科斯-布亚斯领导的团队认为，投资者应增持高质量及 对人工智能具有韧性的软件股，因为"极端的价格走势"可能促使资金轮动重回该板块，至少短期内如 此。"考虑到仓位调整已较充分、市场对AI颠覆软件业的看法过于悲观，以及企业基本面依然稳固，我 们认为风险平衡正日益向反弹倾斜，"该团队在一份报告中写道。该团队表示，目前尚不清楚传统软件 公司长期是否会被人工智能取代，但认为当前市场对颠覆性影响的悲观情绪"目前反应过度"。该团队补 充称，软件公司第四季度财报迄今总体表现积极，分析师预计2026年盈利将增长16.8%。 ...

Group 1 - Goldman Sachs was the leading financial adviser by deal value for construction sector M&A in 2025, advising on deals worth $43.3 billion [1] - Bank of America ranked second with $41.9 billion in construction M&A deals [1] - JPMorgan ranked third by value with $35.5 billion, followed by Morgan Stanley at $28.3 billion and Mizuho Financial Group at $24.4 billion [2] Group 2 - JPMorgan led by volume with 19 transactions, while Bank of America followed with 16 deals, and Goldman Sachs advised on 15 deals [2] - Both JPMorgan and Goldman Sachs saw close to a three-fold increase in deal volume and value in 2025 compared to the previous year, improving their rankings significantly [3] - Goldman Sachs moved from sixth to first by value, while JPMorgan jumped from 22nd to first by volume [3] Group 3 - GlobalData's league tables are based on real-time tracking of various reliable sources, with a dedicated team of analysts monitoring these sources for in-depth deal details [4] - The company also seeks submissions of deals from leading advisers to enhance data robustness [5]

2026年A股市场将如何演绎？投资者应采取何种策略？近日，21世纪经济报道记者专访了摩根大通中国 内地及香港地区股票策略研究主管刘鸣镝。 刘鸣镝表示，若"反内卷"取得实质性成效，2026年A股市场有望迎来一轮上行行情，投资者信心或将发 生根本性转变。其核心驱动力在于企业盈利能力的持续改善，而这将支持资产回报及估值的可持续性。 刘鸣镝以日本股市为例，指出日本东证指数（TOPIX）在过去十二年间上涨了约两倍，但其每股营业额 以美元计价并未显著成长，关键在于企业净利润率从约3%上升到7%。她认为，中国企业正走在相似的 道路上，通过减少无效竞争、优化资本开支、稳定及提升股东回报，以逐步摆脱"增收不增利"的困境。 在行业方面，刘鸣镝重点关注地产、材料与信息技术（IT）。她认为，若年内地产出现更强的企稳信 号，尤其是一线城市政策进一步放宽，可能为市场带来惊喜。材料行业则与全球宏观关联紧密，配置方 向主要包括美元以外的贵金属，以及与新能源相关的重要金属。对于信息技术板块，她短期观点相对谨 慎，主因在于当前A股IT行业估值不低，且2025年第四季度预期较高，或需待预期修正后，寻找布局机 会。 进入2026年，A股市场正站在一 ...