JPMorgan analysts believe the recent pullback in tech shares driven by fears of an “AI bubble” looks overdone and creates a chance to buy high-quality companies at a discount. In their view, fundamentals for many players are stronger than current prices suggest.

The bank highlighted 15 hardware and networking companies with strong ties to AI whose shares have dropped from recent highs over the past few weeks by roughly 5–40%. JPMorgan calls these declines an overreaction and expects a rebound.

One of the key picks is Dell, whose stock is down about a quarter from its October peaks. JPMorgan argues that the market is underestimating Dell’s track record of protecting margins even when component costs rise.

The list also includes Arista Networks, Coherent, Flex, Jabil, Amphenol, Super Micro Computer, Corning, Fabrinet, Lumentum, Pure Storage, Ciena, Celestica, Teradyne, and TE Connectivity. JPMorgan expects Big Tech’s demand for AI infrastructure to stay high and support these suppliers.