JPMorgan Core Plus Bond ETF Portfolio Manager Priya Misra says it's too soon to say who the winners and losers are yet when it comes to artificial intelligence stocks. That's why she says it's so important to have a diverse portfolio that includes fixed income.

Investor Misra highlighted the current uncertainty in determining which companies will emerge as leaders in the artificial intelligence sector. He noted that while investment is expanding beyond major technology stocks, it remains unclear who the long-term winners will be, especially given ongoing competition in areas like GPUs versus TPUs.

Misra also emphasized the importance of portfolio diversification, particularly including fixed income assets, as equity valuations remain high and economic growth projections may be overstated. He expressed concerns about potential labor market weakness due to productivity gains from AI, and suggested that the Federal Reserve may need to cut interest rates more than currently anticipated if labor conditions deteriorate.

Too soon to tell who winners are in AI, Misra says

Is it a catalytic moment to look more broadly or invest more broadly. So again the narrative has been so much has been confined to these seven stocks. So much has been confined to these hyperscalers particular sector. Is this the moment in which people begin to look more seriously at some of the other sectors and companies that you've been alluding to here and Lisa pointing out in the last hour what we've seen in small caps. We've seen the Russell 2000 over the last week. An indication to you that that's finally happening that this catalytic event has happened. People are investing more broadly. I think the investment is there. I mean we're seeing it across the board not just in the eye and particularly the large cap companies are investing whether they're seeing the returns. I think that's where we do want to see that for us to have a lot of faith in the broadening up. But I will highlight given valuations it makes sense for people to say look I might be absolutely transformational for the way business has done a few years from now. It can absolutely increase productivity. But who are the winners. I think given valuations you might want to diversify who you think might end up winning and the GPU TPU fight is ongoing. I don't think anybody knows who the winners are going to be. So I think being diversified I'm a fixed income person. So I'm going to talk about fixed income fixed income playing a role in portfolios with equity valuations where they are. Look at what bonds have done. They don't sound very exciting but the AG is up 7 percent this year. Any time there'll be this you know wobble. Oh we didn't see enough of that A.I. earnings. And there's an equity market correction. You'll see bonds work. It's happened this year. I think it's going to continue to happen. So I would say thinking about the portfolio your portfolio as a whole and looking at earnings looking at all the fundamentals but making sure you're diversified you have income somewhere. I think that's the role that bonds play as well. So going to put a plug there for bonds. I mean this is a plug that a lot of people are making especially if they think that maybe people are overstating the economic growth. And if the Fed is cutting for the wrong reason not necessarily the right reason is that kind of where you sit that you think the Fed is going to have to cut a lot more. And you kind of reject the yield curve steepening in a way and think people are overestimating how much growth can really continue. So you know you can have growth but you need not have the job growth. Remember the jobless recovery in the early 2000s. I sort of wonder about that. If you're going to get this big productivity boom if everybody every other company is deciding to invest in the eye do they cut back on hiring because of all the razor focus shop. Everyone's looking at margins. If I don't want my margins to compress maybe I'm going to keep hiring low. I am concerned about the labor market. I mean we're looking at bottom up top down analysis. And the one thing that doesn't make sense is why is the labor market this week. And it could be the productivity boom that everyone's expecting. And so I don't need to hire. And so you know to your question about the Fed you know I think they still have a couple of cuts. Most exactly. I know Chip Powell said we're in the realm of neutral. There are only four Fed officials who think that neutral is above three and a half which is where we are now. So I do think they're going to cut this. We see two states of the world one where they cut gradually. You know maybe one this year one next year to this next year to try and get to that neutral if inflation starts getting closer to that 2 percent. And then there's the scenario where now the labor market continues to weaken and you can still have OK growth and an unemployment rate at 5 percent. That's concerning. That's that non-linear weakening in the labor market typically precedes a recession. Then I think you see this Fed irrespective of the Fed chair. I think they're all unified on this point. If the labor market is clearly weak the Fed's cutting a lot more than what's priced in or what's in the dark.

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