JPMorgan’s October Picks Shift Focus to Value, AI Infrastructure, and Healthcare

JPMorgan’s latest stock picks for October suggest a shift away from the crowded AI stocks that dominated 2026, highlighting value, AI infrastructure, and healthcare as key themes. The bank added American Express (NYSE:AXP), Liberty Energy (NYSE:LBRT), and Thermo Fisher Scientific (NYSE:TMO) to its favorites, all with overweight ratings. These selections span value, energy, and healthcare, indicating a diversified approach as the fourth quarter begins.

American Express, down 18% year-to-date, is seen by JPMorgan as an undervalued opportunity. Analyst Richard Shane pointed to the company’s strong returns and consistent capital returns, including dividends and share repurchases. Investors looking for ETF exposure can consider the Vanguard Financials ETF (NYSE:VFH), which includes AXP as a small position, or the Financial Select Sector SPDR Fund (NYSE:XLF), which offers a more concentrated financial-sector bet.

Liberty Energy presents an unusual ETF angle, benefiting from surging electricity demand from data centers. JPMorgan expects the behind-the-meter power market to remain tight through 2030. The VanEck Oil Services ETF (NYSE:OIH) and the State Street SPDR S&P Oil & Gas Equipment & Services ETF (NYSE:XES) provide ways to capture this theme, with Liberty Energy representing 2.41% and 3.5% of their portfolios, respectively.

Thermo Fisher Scientific, up 14.3% year-to-date and 25% over the past three months, is seen by JPMorgan as having additional upside from AI adoption and U.S. biopharma reshoring. The Health Care Select Sector SPDR Fund (NYSE:XLV), with TMO accounting for about 4% of the ETF, offers a broader way to play this theme.

Together, these picks suggest JPMorgan is looking beyond the most crowded AI trades, pointing to value, power infrastructure, and healthcare as alternative routes into the next market rally.