Silver Sunrise Euro TMT Daily: EU TMT Sector Specialist Commentary Telco·Media·Tech

Research evidence excerpt

Silver Sunrise Euro TMT Daily: EU TMT Sector Specialist Commentary Telco·Media·Tech

adjusting their production process. EMC mgmt has

stated are receiving sufficient T-Glass supply, including from Greater China vendors aforementioned and believes this

capacity will equal Nittobo capacity into end-FY27. Possibly Nittobo would seek to stem share loss by finally announcing

incremental capacity, as investors generally see an increasingly competitive environment

Accton: Albert initiates on this less well-covered name as sees FY25-28 ~50% earnings CAGR driven by 800G/1.6T

migration, specifically AWS ASIC momentum resumption and META switch tray share gain, which has been somewhat

anticipated and questioned by investors. Our checks indicate MSFT plans to stick w/ CLS, which was also queried by

investors. In terms of revenue split, Albert estimates AWS ~60%, as META rises to 12~15% as the customer diversification

has prompted mgmt to incrementally open up towards investors. We also believe neoclouds are engaging ODMs as Accton,

which could serve as an additional growth driver. Link

• Josh Meyers (US Hardware / Semis Specialist): Quickly on the markets… KOSPI +3.3% to 8,471.02, staged a rebound on

the back of local & retail cash buying with their buying focused in Tech. Memory accounted for 93% of KOSPI's gains today

in the run up to Micron's earnings due tomorrow morning Asia time. Foreigners remained net sellers for a 4th day. And dearly

thoughts on the market from JPM Market Intelligence Head Drew Tyler…Futs are higher as Semis / Tech stage a partial

recovery from yesterday’s Flash Crash as KOSPI retraced about 20% of its losses. Bond yields are lower 1-2bp as the yield

curve flattens; USD remains bid even as real yields decline. DXY set a new 52-wk high today.