JPMorgan Sees 20% S&P Earnings Growth in 2026 as AI Spending Fuels Supercycle
Updated
Updated · Bloomberg · Jun 3
JPMorgan Sees 20% S&P Earnings Growth in 2026 as AI Spending Fuels Supercycle
3 articles · Updated · Bloomberg · Jun 3
Summary
20% earnings growth in 2026 is now JPMorgan Private Bank strategist Nataliia Lipikhina’s forecast for the S&P 500, alongside a recently raised target for the index.
Heavy spending by hyperscalers and advances in agentic AI are the main drivers behind what she called a US earnings “supercycle.”
That profit backdrop, Lipikhina said, should push US stocks to further record highs as stronger corporate earnings extend the market’s rally.
The call adds to the bullish case that AI-led capital spending is moving from a narrow tech theme into a broader earnings driver for US equities.