Here's what JPMorgan just flagged: hyperscalers' AI tailwind has fully priced in. The real edge is in pure-play semiconductor capex beneficiaries and emerging market exposure where geopolitical risk hasn't compressed valuations yet. $NVDA and $MU are sitting on massive institutional inflows, but that's exactly the crowding signal. When strategists at the largest banks start explicitly recommending AGAINST the consensus darlings, it means the base case got bid too hard.

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