The AI trade is going GLOBAL! | Gabriela Santos, JPMorgan Asset Management
Full Signal
Phil Rosen
4.8 • 18 Ratings
🗓️ 20 May 2026
⏱️ 28 minutes
🧾️ Download transcript
Summary
Gabriela Santos is the chief market strategist for the Americas with JPMorgan Asset Management. She joins Phil Rosen on Full Signal to discuss the outperformance of international stocks, why Taiwan and Korea are outperforming in the AI era, the diversification problem inside the AI trade, European banks and defense sectors, and US exceptionalism.
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Timestamps:
0:00 - US exceptionalism
2:46 - AI's global winners
4:04 - 2000-2007 parallel
7:15 - Korea's governance shift
9:00 - AI's diversification problem
12:34 - When AI tops out
16:23 - Historic semis rally
19:47 - Is AI a bubble?
21:48 - What JPMorgan got wrong
24:20 - European bank stocks
27:00 - Follow Gabriela's work
Disclosure: Brokerage services provided by Open to the Public Investing Inc, member FINRA & SIPC. Investing involves risk. Generated Assets is an interactive analysis tool by Public Advisors. Output is for informational purposes only and is not an investment recommendation or advice. See disclosures at public.com/disclosures/ga. See terms of Match Program at https://public.com/disclosures/matchprogram Matched funds must remain in your account for at least 5 years. Match rate and other terms are subject to change at any time.
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Transcript
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| 0:00.0 | What's up, guys? On this episode of Full Signal, I sit down with Gabriela Santos. She is the |
| 0:04.3 | chief market strategist for the Americas at JPMorgan Asset Management, one of the smartest people I know |
| 0:10.1 | in finance. We get into the country she likes best for the AI trade, the international versus |
| 0:15.5 | U.S. outperformance story, what's coming next in the CAPEX boom, and much more. I think you're going to love this. |
| 0:23.1 | Gabriela, you've been doing a lot of work of international versus U.S. equities. |
| 0:27.0 | And my understanding is that you do not believe equity outperformance internationally |
| 0:31.6 | means the end of U.S. exceptionalism. Can you explain that for me? |
| 0:35.3 | That's right. Sometimes when we talk to U.S.-based |
| 0:37.7 | investors about investing internationally, it feels like you have to be a U.S. bear to believe in |
| 0:43.4 | investing in stocks outside the U.S., and that is not at all the case. We still think the U.S. is |
| 0:48.5 | absolutely exceptional. As an economy, it's extremely resilient, dynamic, competitive as a market. We have the largest deepest |
| 0:56.8 | capital markets, the reserve currency, the largest private capital markets in the world. |
| 1:02.2 | It's really just about the normalization of the premium we're paying for all that exceptional |
| 1:08.7 | fundamentals. It's just too high. So normally normally the U.S. has about a 20% |
| 1:14.9 | premium to the rest of the world. It's at 35%. Another way to look at this is portfolios are very |
| 1:22.2 | concentrated in U.S. equities. Normally you would have about 65% in U. in US as a percent of overall global equities. |
| 1:29.7 | Most investors we talk to have 80, 90 percent U.S. |
| 1:34.1 | So it's all about the starting point, not a change in the ultimate destination. |
| 1:39.1 | But that's important because that can mean international outperformance for a bit. |
| 1:42.9 | Okay. |
| 1:43.2 | So just to clarify, it sounds like in a way you like you're having your cake and eat |
| 1:49.1 | it too, right? |
... |
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