[JPMorgan: Emerging Markets Offer Investors a Lower-Cost Path to Invest in AI] Odaily Planet Daily reports that according to JPMorgan's forecast, U.S. large tech companies are expected to spend up to $700 billion on capital expenditures by 2026, with most of it allocated to building AI infrastructure. Companies like NVIDIA rely on Asian suppliers for 90% of their hardware. Recently, estimates for AI capital expenditures this year and next year have been consistently rising, a trend that benefits derivative products in Asia tied to this spending. The capital expenditures by U.S. large tech companies on AI hardware primarily benefit Asian tech firms, while the impact on U.S. GDP is relatively small. JPMorgan emphasizes that emerging markets not only offer more attractive earnings growth but also feature more reasonable valuations for this growth. The price-to-earnings ratio of this asset class is low in absolute terms and is at "historic lows" compared to developed markets. Additionally, investor holdings remain relatively low, and capital inflows are accelerating. (Jin10)