The Next AI Squeeze: JPM Reveals Who Could Be Forced To Buy
The next buyers
The AI trade has been through a brutal positioning reset, but the next question is who steps in to buy. Retail is already returning, leveraged exposure has been dramatically reduced and QQQ short interest has surged to its highest level since 2023. Meanwhile, hedge funds remain underexposed after one of the most violent momentum unwinds in decades. JPM sees the potential for a second wave of buying into year-end. The forced selling may be largely behind us. The next question is who gets forced back in.