Former JPMorgan Chase & Co. wealth managers Phil Scott and Jim Atwood have launched a new firm, betting on concentrated portfolios of artificial intelligence stocks. The duo departed JPMorgan in October, establishing their independent venture with the goal of preserving the focused investment strategies favored by their high-net-worth clients, according to The Wall Street Journal. Their strategy centers on holding a curated selection of AI-focused companies, a move that is now being tested by the current market conditions and the ongoing performance of these tech stocks.