JPMorgan says any dip in AI stocks after a Democratic sweep in the midterms would be a buying opportunity. The bank expects AI spending to stay strong through 2028 no matter who wins. It sees divided government as the best outcome for stocks: the S&P 500 has averaged a 21% gain over two-year terms of gridlock since 1950, versus 18% under one-party control.

JPMorgan is eyeing Europe’s planned grid overhaul as a significant opportunity to strike infrastructure deals, in a move that builds on the bank’s ambition to dominate grid finance in the US

JPM is bullish on midterms: "SPX has been up a year after every midterm election since 1950 with an average gain of around 15%. The worst one-year forward return came after the 1986 midterms but this, of course, had more to do with the 1987 crash rather than anything going on in Washington. I suspect that at least part of the reason for this tendency is that the midterms tend to see the incumbent party loses seats and gridlock in Washington tends to be good for Wall Street."