The broader stock market is not in a bubble, but these 5 sectors are, according to JPMorgan

• Concerns over a potential bubble forming in the stock market have been growing as equities continue to hit record highs.
• But according to a Thursday note from JPMorgan, the broader stock market is not in a bubble.
• Instead, five sectors in particular seem to be in bubble territory after more than tripling in price, the bank said.
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A continued rise to record highs in the stock market has some worried that a bubble is forming as valuations appear stretched and rising inflation seems imminent.

But according to a Thursday note from JPMorgan, there is no bubble to be found in the broader stock market. High expectations for historic economic growth amid a reopening of the US economy supports the move higher in stocks, according to the bank, which expects US GDP growth of 6.3% for 2021.

But within certain sectors, there does appear to be pockets of froth that are likely experiencing a bubble, JPMorgan said. These are sectors that "have more than tripled in price over a short period of time," the bank explained.

These are the five sectors of the stock market that appear to be in a bubble, according to JPMorgan.

1. Clean Energy

Anything related to ESG has seen a boom in prices as investors continue to gravitate towards sustainable investing. Clean energy is one sector that comes top of mind to investors that are looking to invest in a green future, and the top holdings in the iShares Clean Energy ETF represent companies in the fuel cell and wind energy space.

Since its pandemic low last year, the ETF rallied as much as 324% in less than a year, meeting JPMorgan's criteria for a potential bubble.

2. Solar Energy

The sector saw a strong boost as the prospects of a Joe Biden presidency and democratic-controlled Senate became more apparent. President Biden has pointed to solar as a core technology needed to combat climate change. The industry is expected to significantly benefit from Biden's $2.2 trillion infrastructure bill.

Solar stocks staged a strong rebound after its pandemic low, with the Invesco Solar ETF rallying as much as 496% in less then a year.

Read more: We asked 5 renowned growth-fund managers for their favorite stock picks. These are the 4 that multiple managers think will crush the market going forward.

3. Electric Vehicles

Following the theme of clean energy and Biden's green agenda, electric vehicles have staged monster rallies over the past year, mostly led by Tesla. Now, investors are holding out hope for more gains as Biden's infrastructure bill includes $174 billion for the electric vehicle industry.

EV stocks have rallied by as much as 178% since its pandemic low last year, as measured by the iShares Self-Driving and Electric Vehicle ETF.

4. Cryptocurrencies

Bitcoin remain the most popular cryptocurrency, but thousands of other crypto assets exist, and many of them have seen marked price increases over the past year. Those crypto assets tend to move in tandem with bitcoin, which saw a more than 1,400% increase since last year's pandemic low. The total market value for cryptocurrencies recently exceeded $2 trillion, and even XRP caught a bid as it faces a lawsuit from the US Securities and Exchange Commission.

While JPMorgan views cryptocurrencies in a potential bubble, the firm believes bitcoin could hit a long-term price objective of $130,000.

5. SPACs

The boom in SPACs over the past year has been unprecedented, as companies seeking to go public sidestepped the traditional IPO process in favor of the quicker and cheaper SPAC process amid the pandemic. In the first quarter of 2021, SPACs raised more money than the did in the entirety of 2020. Some estimates even suggest that the current stable of SPACs have more than $1 trillion in buying power. But the SEC is starting to set its focus on SPACs and the lofty earnings estimates firms are setting when going public.