Silver Sunrise Euro TMT Daily

Research evidence excerpt

Silver Sunrise Euro TMT Daily

Scott Silver - Specialist Sales - European TMT AC (44-20) 7134-0412 Europe Specialist Sales J P M O R G A Nscott.silver@jpmorgan.com

J.P. Morgan Securities plc 17 June 2026

Scott Silver

+44 207 134 0412

scott.silver@jpmorgan.com

EU TMT TODAY

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QUICK SILVER : SNIPPETS

• Nokia (OW) Weakness: Optical names came under pressure yesterday afternoon after investors focused on news that

Suzhou Dongshan Precision Manufacturing (SHE:002384) approved a $1.2 billion investment to expand optical chip and

module production at Source Photonics, which it recently acquired. According to Samik Chatterjee, Source’s laser

technology is viewed as lower quality and the company has historically struggled to scale, though the market is

nevertheless discounting some incremental competitive risk, which likely contributed to the sector weakness. As has

been the case on several recent occasions, Nokia shares traded lower alongside the broader optical group. However, this

news does not alter the Nokia investment thesis and should have no meaningful impact on the company’s fundamentals.

• ASML / Lasertec: Shares of Lasertec were up +12% in Asia following reports from Japanese broadcaster Morning

Satellite suggesting ASML is expanding production capacity to meet robust demand driven by the global AI race.

Feedback from investors on the ground suggests the source should be treated with some caution, although the comments

arrive at a time when ASML’s manufacturing capacity is a key focus, with many viewing the company as the principal