New Delhi, April 26 -- Global brokerage firm JP Morgan has downgraded Indian equities to 'Neutral', citing rising macro risks, earnings pressure and limited exposure to new-age technology, even as it turns more bullish on Asian technology stocks led by Taiwan amid an accelerating artificial intelligence (AI) cycle.

In its latest Asia Equity Strategy report dated April 24, the brokerage said it is repositioning portfolios towards tech-heavy markets, noting that "we lower our allocation in Indian equities to Neutral," while upgrading technology and Taiwan in its regional allocation.

The shift comes as AI momentum strengthens across Asia. "There has been a sharp acceleration of gains across AI stocks in Asia this month," the report said, a...