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No bubble in AI, says JP Morgan Asset Management portfolio manager

‘Valuations don’t seem stretched to me,’ says Joseph Wilson

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Genevieve Cua

Genevieve Cua

Published Tue, Nov 25, 2025 · 05:22 PM
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    • Joseph Wilson, portfolio manager of the JP Morgan US Technology Fund, says data-centre vacancy rates “are at record lows” today, and utilisation levels “hover at around 80%”.
    • Joseph Wilson, portfolio manager of the JP Morgan US Technology Fund, says data-centre vacancy rates “are at record lows” today, and utilisation levels “hover at around 80%”. PHOTO: JP MORGAN ASSET MANAGEMENT

    [SINGAPORE] Joseph Wilson, managing director and portfolio manager with JP Morgan Asset Management’s (JPMAM) US equity group, insists there is no bubble in technology and artificial intelligence (AI) stocks, because demand for AI infrastructure, services and applications far outpaces supply.

    Wilson oversees the firm’s US technology strategy, which has total assets under management of US$26.9 billion. JPMAM itself manages a total of about US$4 trillion in assets.

    Investor anxiety about overvaluation in tech and AI has driven sharp volatility. Nvidia’s strong set of earnings last week initially propelled markets upwards on Nov 20, but this quickly reversed and the Nasdaq ended more than 2 per cent down. The Nasdaq has since bounced by more than 3 per cent since that day’s dip.

    NasdaqBig TechArtificial IntelligenceData centres

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