JPM | APAC THEMATICS - Hyperscaler capex: Buy side bars for 27 capex / Iran: Brent +8% as Trump imposes Hormuz transit fees / US CPI: JPMe 2.8% yly and no 2H26 hike / Asia Tech: Investor feedback on memory

Research evidence excerpt

JPM | APAC THEMATICS - Hyperscaler capex: Buy side bars for 27 capex / Iran: Brent +8% as Trump imposes Hormuz transit fees / US CPI: JPMe 2.8% yly and no 2H26 hike / Asia Tech: Investor feedback on memory

Specialist Sales

APAC Specialist Sales J P M O R G A N

13 July 2026

JPM | APAC THEMATICS - Hyperscaler capex: Buyside bars for

27 capex / Iran: Brent +8% as Trump imposes Hormuz transit fees

/ US CPI: JPMe 2.8% y/y and no 2H26 hike / Asia Tech: Investor

feedback on memory

Matthew See

+852 2800 8889

matthew.see@jpmorgan.com

APAC Thematics focuses on key macro views, market debates, and favoured investment themes.

THE BIG PICTURE: Hyperscaler expectations. The AI trade continues to come under pressure, KOSPI -9% and SOX -5%.

Samsung’s capex acceleration (Yongin fab) was cited by most as the “justification” - but the magnitude of the move reflects

heavy positioning and investor uncertainty into US hyperscaler results starting next week. US tech spec Mark Schilsky notes

investors are focused on 27 capex guides. We don’t know yet if we’ll get quantitative guidance or just qualitative comments

(initial 26 guidance proved wayyy too conservative)… but what’s interesting is how far ahead buyside bars have run -

Google $325-350bn (vs street $250bn) and Meta $200-225bn (vs street $170bn).

Brent +10% as Trump reimposes Strait of Hormuz blockade. Oil prices saw their biggest gain in 6y after Trump said he

was reimposing a US blockade on Iranian shipping in the Strait, Brent +10% to $83/bbl - effectively wiping out a month of

declines. Trump additionally said (i) The Strait will remain open, but under American protection, and the US will charge

20% of every cargo as compensation for guarding it, and (ii) Issued threats US will hit Iran “hard” later today, notifying