Wall Street bank JPMorgan has named its top stock picks in a market that may — or may not — be heading for a bubble.

Whether a bubble is forming in financial markets has been “hotly debated,” JPMorgan analysts, led by Mislav Matejka, wrote in a note earlier this week. A bubble occurs when parts of the stock market are over-valued; it then pops as prices drop significantly.

Recent signs of a bubble include a record number of public listings, a “demand frenzy” for special-purpose acquisition vehicles (SPACs) and “dramatic runs” in cryptocurrency stocks and disruptors such as electric vehicles, the analysts said.

Any future market weakness “should be used as opportunities to add exposure,” they stressed, and listed their favorite European stocks to buy.