GLW Thoughts, Korea AI Mega Plan, Japan Components: US Hardware / Semiconductors Sector Specialist Commentary

Research evidence excerpt

GLW Thoughts, Korea AI Mega Plan, Japan Components: US Hardware / Semiconductors Sector Specialist Commentary

Joshua Meyers - Specialist Sales - US TMT AC (1-617) 310 0767 North America Specialist Sales J P M O R G A Njoshua.meyers@jpmorgan.com

J.P. Morgan Securities LLC 30 June 2026

GLW Thoughts, Korea AI Mega Plan, Japan Components

Joshua Meyers

+1 617 310 0767

joshua.meyers@jpmorgan.com

Some quick thoughts on Korea from trading…KOSPI closed +1% to 8,476.48, trading higher for the first time in three days

despite another volatile session on the final day of the month and quarter. The index whipsawed between a strong intraday

advance and sharp weakness before finishing firmly in positive territory. Foreigners extended their cash selling streak to eight

consecutive sessions, while local institutions and retail investors continued to absorb supply. Tech (+2%) outperformed as

investors continued to position around Korea's AI investment initiatives, with semiconductor equipment and front-end wafer-fab-

exposure names remaining preferred beneficiaries. And early thoughts on the US market from JPM Market Intelligence

Head Drew Tyler…Futs are a touch above unchanged following yesterday’s rally, with markets behaving as though period-end

dynamics have now completed. With the major US holiday coming up, keep an eye on low liquidity moves in the region. Bond

yields are flat to down 1bp with the curve flattening. USD is stronger, looking erase all of yesterday’s losses. Cmdtys are stronger

with crude flat into today’s US / Iran discussions, Metals seeing a bid, and Ags outperforming the other cmdty complexes. In

Eqys, Semis are mixed, Mag7 are flat, Cyclicals are generally leading Defensives with exceptions being Energy (lower) and

Healthcare (higher).