[JPMorgan's dividend pivot](https://www.cnbc.com/2026/07/03/jpmorgan-names-high-dividend-stock-among-its-top-july-ideas.html) has everyone convinced the market is screaming recession. Wrong read. What's actually happening is institutional capital is rotating OUT of multiple-expansion narratives (tech, AI) INTO companies that have spent the last 18 months renegotiating supplier contracts and passing costs to customers. Defense contractors have the geopolitical cushion.

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