‘Precarious’ is Wall Street’s defining word for 2026

The dotcom bubble remains a warning for many. JPM writes that it has established five barometers to establish similar irrational exuberance . On the first, capacity, the institution notes the industry is comfortably keeping up with demand. The second is the abundance and availability of credit, which the AI trade has, noting: “Public markets will be willing to finance the largest tech companies, which all have tighter spreads than the broad investment-grade index.”In a note titled “Promise and Pressure,” J. ...