BlockBeats News, May 11th, JPMorgan Chase Private Bank Global Investment Strategist Grace Peters stated that the current global stock market continues to hit new highs, but the underlying logic driving the market's rise has undergone a structural change. She believes that the fragmented geopolitical landscape, the AI wave, and the long-term inflation pressure are reshaping corporate capital expenditure and the global asset pricing system.

Peters pointed out that current corporate capital expenditure is no longer simply pursuing efficiency, but is more focused on energy security, supply chain reconfiguration, and physical security. In addition to AI-related investments, overall corporate capital expenditure continues to grow at around 12%. This "resilience-first" investment model is supporting the high valuation market.

However, she warned that the security-driven high-investment model inherently has inflationary properties, and future inflation may be more stubborn than the market expects. Based on this assessment, JPMorgan Chase currently prefers short-duration bonds, gold, and other inflation-resistant assets, while increasing the allocation weight of the U.S. market, industrial sector, and financial sector, and focusing on emerging market opportunities in countries such as South Korea and China that benefit from semiconductor, power, and supply chain restructuring.

Peters believes that the global market is transitioning from an era of "low inflation + high globalization" to a new system of "high investment + security first." This structural change will profoundly impact investment performance in the coming years.