JPMorgan sees nearly 50% upside ahead for the stock market if investor allocations return to the levels seen at the peak of the dotcom bubble in early 2000. While retail participation has increased in recent years, overall equity allocation of non-bank investors is at the same level as in 2007 and “significantly” below the 54.6% global allocation seen at the market’s top in the first quarter of 2000, the bank’s analysis found. “Given the continued emergence of ‘a new equity culture’, a scenario where the equity allocation by investors globally keeps grinding higher over the next three years towards its previous 2000 peak, would imply 47% equity upside from here,” strategist Nikolaos Panigirtzoglo said in a note Wednesday. That means the global equity universe would soar from $120 trillion currently, to $175 trillion in three years, he noted. The so-called dotcom bubble, which saw the rapid rise of tech stocks, started in the mid-1990s and reached a top in March 2000 before bursting later that year and into 2001. (Learn the best 2026 strategies from inside the NYSE with Josh Brown and others at CNBC PRO Live. Tickets and info here .)
The stock market could see nearly 50% upside if investor allocations reach dotcom bubble levels
Sep 18, 2025
