Ultimate AI investing outlook 2026 | Stephanie Aliaga, JPMorgan Asset Management
Full Signal
Phil Rosen
4.8 • 18 Ratings
🗓️ 7 January 2026
⏱️ 31 minutes
🧾️ Download transcript
Summary
Stephanie Aliaga is a global market strategist for JP Morgan Asset Management and is one of Wall Street's leading AI experts. She joined Phil Rosen to discuss the infrastructure boom, how investors should think about the AI trade, risks of circular financing, and how AI impacts Fed policy.
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Timestamps:
0:00 - Intro
0:30 -
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Transcript
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| 0:00.0 | What's up, guys? Welcome back to Full Signal. This is the first episode of the new year, |
| 0:04.1 | and I'm very excited to share. We have Stephanie Aliyaga on the show today. She is the global |
| 0:09.1 | market strategist at JPMorgan Asset Management. She's one of the leading experts of AI on Wall Street, |
| 0:15.5 | and we get into everything related to the infrastructure boom, AI spending, asset price bubbles, and much more. |
| 0:22.4 | I think you're going to love this. |
| 0:23.7 | Stay tuned for the full conversation. |
| 0:27.4 | Stephanie, you have been doing a ton of work on AI recently, and everything I'm reading from you |
| 0:32.4 | makes it sound like you do not think this is a bubble. |
| 0:35.5 | Can you walk us through how you're thinking about this? |
| 0:37.6 | Great question and I'm great conclusion as well. I think first let's take a step back. |
| 0:43.0 | You know, I've heard the word bubble, bubble up on nearly all of my client conversations over |
| 0:47.8 | the last few months. And I understand the discomfort here. You know, there has been a lot writing on AI in investors' |
| 0:55.9 | portfolios and broad markets and the numbers being thrown around are astronomical. But a bubble |
| 1:02.0 | inherently isn't necessarily, it doesn't equate to enthusiasm, right? It equates to enthusiasm |
| 1:07.6 | that becomes dislodged from fundamentals. |
| 1:16.1 | And part of the thing here with an extraordinary new technology is that we have seen extraordinary fundamentals in many ways. |
| 1:18.5 | And the challenge for investors is to find if and where the fundamentals are being |
| 1:24.2 | dislodged from the price. |
| 1:26.5 | So on a few different categories, AI adoption |
| 1:30.4 | has been pretty strong. It's been broadening quite nicely. You now have 44% of U.S. firms |
| 1:37.1 | paying for some kind of AI subscription. You have over 50% of Americans now using generative AI |
| 1:43.0 | at least once a week. And just one LLM, OpenAI, has about 10% of the world's |
... |
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