J.P. Morgan U.S. FTM 11 Jun 26 Equity Thematic Strategy; Hardware & Networking; Less Than Truckload and More

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J.P. Morgan U.S. FTM 11 Jun 26 Equity Thematic Strategy; Hardware & Networking; Less Than Truckload and More

North America Equity Research

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U.S. First to Market 11 June 2026

Top Stories

Equity Thematic Strategy (Bhupinder Singh/Dubravko Lakos-Bujas/Kamal Tamboli)

2026 World Cup Beneficiaries

For the first time since 1994, the FIFA World Cup returns to North America as the United States, Canada and Mexico jointly

host the 2026 tournament. This is likely to be the largest single-sport event in history, with 48 nations competing in 104 matches

across 16 cities, of which the majority (78 matches and 11 cities) will be in the United States. Much of this is driven by the

expansion of the tournament from 32 to 48 teams and from 64 to 104 matches.ehjk

Hardware & Networking (Samik Chatterjee, CFA)

Optical Pullback on Recent CPO Concerns Getting Overblown; Reit. OW on COHR & LITE

Shares of optical suppliers such as Coherent and Lumentum are trading down nearly -20% from early-June highs (vs. -5% for

S&P 500), weighed down by a host of concerns that began with limited summer catalysts following strong year-to-date runs and

have been exacerbated more recently by worries around delays in CPO adoption. While we understand the former, which led

us to favor copper companies following OFC (see report here), given our expectations for relative underperformance in optical

on valuation grounds (and better-than-feared outcomes for copper), we believe the latter is likely overblown, particularly in light