💥BREAKING: JPMorgan's recent view is that Indian equities should deliver positive returns over the next 12 months, but that North Asian markets such as Taiwan and Korea will likely do better. Those markets get stronger earnings growth from AI and semiconductor spending, while India has little direct exposure to the AI hardware boom. The bank earlier downgraded India to neutral in April on valuation concerns. Fears that AI could disrupt Indian IT services companies, along with heavy foreign selling, also weighed on sentiment. JPMorgan's strategists now see foreign selling easing and expect Indian earnings growth of about 10–11%, possibly rising to 15–16% in FY28 if oil prices and monetary policy stay stable. They see the AI-driven correction in tech stocks as a buying opportunity and still favour financials, which depend less on AI spending. They also say global AI capital expenditure plans from big tech firms will be a key factor for emerging-market stocks.