JPMorgan has identified Meta Platforms and Spotify Technology as top stock choices in the internet sector during weaker economic conditions. They believe that companies involved in rides and food, cloud services, and streaming subscriptions are likely to perform better in a challenging macroeconomic environment. Conversely, JPMorgan considers e-commerce, online travel, and digital advertising to be the most vulnerable.

Following concerns about the impact of changing macroeconomic conditions on internet-related stocks, JPMorgan conducted an analysis of potential winners and losers in the sector. They noted a 14% decline in shares of their "Internet coverage universe" since the market peak on Feb. 19 and highlighted Meta Platforms and Spotify Technology as their preferred options amidst the recent market downturn.

JPMorgan views Meta Platforms as the leading open-source AI platform and anticipates Spotify's accelerated execution to drive improvements in core music services and other offerings like audiobooks, videos, and podcasts, thereby enhancing user engagement and monetization.

Despite the positive outlook, Meta Platforms and Spotify Technology saw their shares fall by almost 5% as overall tech stocks declined on Tuesday morning. JPMorgan cautioned that online travel companies are particularly at risk due to limited growth potential compared to other internet sectors, citing the discretionary nature of travel spending and its strong correlation with GDP growth.