JPMorgan Trading Clients Are Buying Commodities on AI Build-Out

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As artificial intelligence rolls out around the globe, will it drive inflation or deflation? The answer is both — one and then the other, according to JPMorgan Chase & Co.’s new global co-heads of sales and research.

This year, investors betting on AI’s initial impact are piling into commodities, anticipating that the infrastructure needed for the technology will bolster demand for energy and equipment, Claudia Jury and Scott Hamilton said in their first interview since taking over. Such wagers are helping buoy prices, despite the Federal Reserve’s campaign to rein them in, the managers said. The Bloomberg Commodity Spot Index advanced almost 8% this year through Tuesday.