JPMorgan has shifted from a cautious summer outlook to a bullish strategy, urging investors to maintain overweight equity positions through year-end after declines in semiconductors and big technology stocks. The bank expects geopolitical and interest-rate-driven weakness to last days or weeks rather than quarters, and sees the S&P 500 and global equities reaching new records by year-end. Its case rests on improving global earnings revisions, three consecutive months of gains in the eurozone Purchasing Managers' Index and U.S. Treasury yields that it views as reflecting economic normalization rather than renewed inflation. JPMorgan says semiconductor and South Korean market indicators are oversold, considers AI-related momentum selling largely exhausted and names semiconductors benefiting from hyperscaler capital expenditure as its top pick. It also recommends South Korea, China and Taiwan among emerging markets. South Korean analysts cite strong August semiconductor exports and AI infrastructure demand but warn that elevated oil prices and Treasury yields could sustain volatility. They expect stock-specific differentiation from September to October, with value shares offering greater resilience if rate pressure continues to weigh on growth stocks.