JPMorgan’s Peters Stays Bullish on US Stocks Despite Rising Yields

The interesting tension here is that higher yields, typically a headwind for equity valuations, are being framed as a byproduct of the same forces — strong growth and AI-related spending — that underpin the bullish case. That logic hinges on earnings actually broadening beyond the current leaders, which is the part still unproven. The oil-driven inflation component cuts the other way, since it pressures both margins and rate expectations. Whether the earnings "supercycle" broadens, or stays concentrated in AI-linked names, is the open question.