On October 7, Sylvia Sheng, Chief Portfolio Manager at JPMorgan, pointed out that despite relatively high policy interest rates, the U.S. economy remains strongly driven by the artificial intelligence (AI) capital expenditure cycle, which is insensitive to interest rates. She stated that financial conditions remain favorable, with low credit spreads and robust corporate fundamentals. JPMorgan maintains a positive stance on the stock market, primarily based on steady nominal economic growth, low recession risks, and the continuation of the AI capital expenditure and earnings cycle. Sylvia Sheng also mentioned that the U.S. is a core overweight market for the asset management firm, as it offers broad and enduring investment opportunities in the AI capital expenditure and application cycle, with earnings growth expanding from initial AI beneficiaries to a wider range of sectors. JPMorgan believes there is significant room for further growth in capital expenditure expansion in the AI sector.