JPMorgan Chase keeps telling clients the stock market has further to run. Even as the S&P 500 sits near all-time highs. Even as its own CEO flags signs of excess. The bank has refreshed its forecasts. Raised earnings estimates. Outlined paths to much higher levels. And it shows little sign of backing off. Its global research team sees double-digit returns for developed and emerging market equities in 2026. Earnings growth sits at the center. AI spending keeps climbing. Policy obstacles fade. Rates ease. Those elements combine into a case for continued gains. J.P. Morgan Global Research projects 10% to 25% upside across equity markets. For the S&P 500, above-trend earnings expansion of 13% to 15% looks sustainable for at least the next two years. Dubravko Lakos-Bujas, head of global markets strategy at the bank, puts it plainly. “At the heart of our outlook is a multidimensional polarization: equity markets split between AI and non-AI sectors, a U.S.…