For the third time since artificial intelligence reshaped the investment landscape in late 2022, Asian technology stocks have shed a quarter to a third of their value — and for the third time, the question of whether the cycle has exhausted itself hangs in the air. J.P. Morgan, surveying the wreckage with measured calm, argues that price and reality have diverged: the underlying architecture of AI demand, from frontier model development to hyperscaler infrastructure commitments, remains structurally sound through at least 2027. What the market is pricing as an ending, the bank reads as a pause