PSP Growth's Momei Qu Says Goldman Sachs and JPMorgan (JPM) Are Becoming AI Stocks

Momei Qu's AI Stock Call

Momei Qu, who leads the venture arm at growth equity firm PSP Growth, set out the argument on Bloomberg's The Close: Goldman Sachs and JPMorgan Chase (JPM) are becoming artificial intelligence (AI) stocks, and the connection shows up in how the banks talk about AI rather than in their reported numbers, at least for now. In her reading, the lenders touch the AI buildout in two direct ways: they write the debt financing that funds it, and they position around the potential initial public offerings (IPOs) and mergers the sector is expected to generate. Qu expects banks to sit at the center of more merger activity as that work rises, with the fee and financing pipeline forming the practical tie between the banks and the AI complex.

The reported numbers so far tell a more conventional lending story. Net interest income, the spread a bank earns between what it pays depositors and what it collects on loans, was the standout of the quarter: JPMorgan, Citigroup and Wells Fargo posted a record $56.5 billion in combined net interest income. That figure reflects higher rates and balance sheet growth rather than AI deal flow, and the gap sits at the center of Qu's thesis that the AI-stock label is arriving before the line items do. She also divided investors into two camps on AI valuations: one gives AI firms a pass on margins and heavy capital spending because revenue is growing fast enough to justify it, while the other expects public markets to demand higher margins and proof that the spending pays off. The framing does not come from a rising tape either, since Goldman's shares are down substantially over the last three months.

Anthropic's Investor Day Test

JPMorgan's own guidance gives that thesis a concrete number to argue past. Jefferies analyst David Chiaverini noted the bank cited higher rates and balance sheet growth behind its net interest income outlook, a $107 billion guide excluding markets that topped the $103 billion consensus. He also flagged slower share buybacks at JPMorgan and Citigroup, with JPMorgan's capital ratio lower over the quarter; buyback pace is one lever these banks use to return capital, and a slower one removes part of the per-share support investors had counted on. Citigroup still fell 5.6% despite beating profit estimates, its biggest drop since April 2025, which says a record lending quarter alone is not carrying these names. The $107 billion guide is JPMorgan's own management number, disclosed with quarterly results, and it frames how the bank currently earns: from rate-driven lending, not from AI mandates.

The next test date is close at hand. Anthropic holds its pre-IPO investor day on Wednesday, a structured briefing a company stages before listing to court institutional demand, and Qu expects speculation over which valuation camp prevails to run until the company actually lists. She added that other AI companies may hold back from listing until they see how public markets price the leaders. Bloomberg Intelligence analyst Herman Chan expects Anthropic IPO deal flow to lift Goldman Sachs and Morgan Stanley in particular, and he points out that banks also structure the bonds funding data center construction, so any slowdown in AI spending would cut into fee revenue. Separately, billionaire investor Paul Tudor Jones warned that a flood of AI listings could make 2027 a difficult year for US stocks; the banks that finance and underwrite those listings would share in any repricing of AI valuations if that warning plays out.

The short-term tape does not yet treat JPMorgan as anything other than a rates-and-lending name. COINOTAG data shows the shares last at $332.12, down 1.38% over 24 hours and inside a $321.64 to $344.98 range, with the daily trend reading sideways. Resistance sits first at $338.06, where the composite scoring gives 100/100 on a cluster of the 20-day and 100-day moving averages and a Fibonacci level, while the strongest support underneath rests at $331.21, scored 90/100. The daily RSI reads 35.6, close to oversold without reaching it, and open interest on the stock perpetual futures stands near $2.01 million. Until a listing like Anthropic's forces the valuation question into bank earnings, the scored support below the last price is what holds the picture together.