Finding the AI Winners and Losers in the Tech Selloff

Watch on YouTube ↗  |  February 06, 2026 at 15:06  |  1:28  |  Bloomberg Markets
Speakers
Priya Misra — Portfolio Manager, J.P. Morgan Asset Management

Summary

Priya Misra, a core plus bond ETF portfolio manager at JPMorgan, discusses the market's 'show me' stance on AI capex and the difficulty of identifying AI winners and losers. She favors duration and intermediate Treasuries, calling it the revenge of diversification, and sees the 10-year yield range of 3.75%-4.25% as a guide. She advises investors to watch positioning and fundamentals and hold hedges in case the AI capex trade is deemed overdone.

  • Market is in a show-me state on AI capex, seeking evidence of productive use.
  • AI winners and losers remain unclear; the transformation is generational and bumpy.
  • Priya Misra favors duration and intermediate Treasuries as diversification.
  • Front-end bonds offer limited yield; intermediate maturities are preferred.
  • 10-year Treasury range is seen at 3.75%-4.25%; above-range yields are an opportunity.
  • Investors should watch positioning and fundamentals and own hedges.
Ideas
Priya Misra Portfolio Manager, J.P. Morgan Asset Management 0:09
Long duration, intermediate Treasuries as diversification.
She favors duration and intermediate Treasuries as the 'revenge of diversification.' The front end does not offer much yield, so the 5-year to 10-year part of the curve is more attractive. She sees the 10-year yield range at 3.75%-4.25%; yields moving above that due to supply, 'Sell America' sentiment, and tax refunds are an opportunity to add duration. She expects duration to provide diversification as markets reassess AI winners and losers.
TLT HIGH
Priya Misra Portfolio Manager, J.P. Morgan Asset Management 0:41
AI capex uncertainty; watch positioning and fundamentals.
The market is in a 'show-me' state on AI capex, trying to determine which companies will be AI winners and losers and whether AI will productively displace or disrupt labor. Answers will not come quickly, so the AI trade is likely to be a bumpy, generational transformation. She advises watching positioning and fundamentals and owning hedges in case the market decides the AI capex boom was overdone.
AIQ MED
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This Bloomberg Markets video, published February 06, 2026, features Priya Misra discussing TLT, AIQ. 2 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Priya Misra  · Tickers: TLT, AIQ