According to CoinMeta, as reported by an early issuer of in, JPMorgan Chase strategist Mislav Matejka's team believes that it will be difficult for tech stocks to replicate last year's market performance in the second half of 2026. On Monday Eastern Time, the S&P 500 index rose 1.5% to 7,600.50 points, the Dow Jones Industrial Average increased by 693 points to a new closing high, and the Nasdaq rebounded by 2.1%. JPMorgan Chase pointed out that there are doubts about the conversion of capital expenditures into free cash flow by the largest cloud providers AI, and the substitution effect of AI on sectors such as software, business services, and media is suppressing valuations. The consumer cycle, industry, finance, and non-U.S. stocks have once again attracted attention from investors, and market leadership is expected to spread to other sectors.