JPM | APAC THEMATICS - Tech snapback: Degrossing likely done & hyperscalers show ROI / EM Strategy: Time to buy the 15% pullback / BoJ Day: No change, Yen +2.5% on suspected intervention

Research evidence excerpt

JPM | APAC THEMATICS - Tech snapback: Degrossing likely done & hyperscalers show ROI / EM Strategy: Time to buy the 15% pullback / BoJ Day: No change, Yen +2.5% on suspected intervention

Specialist Sales

APAC Specialist Sales J P M O R G A N

30 July 2026

JPM | APAC THEMATICS - Tech snapback: Degrossing likely

done & hyperscalers show ROI / EM Strategy: Time to buy the

15% pullback / BoJ Day: No change, Yen +2.5% on suspected

intervention

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: Semis snapback with SOX +8%. The green light for the reversal came from a combination of (i)

Positioning degrossing normalizing from the 2Q extremes, (ii) AI application monetization getting a boost from OpenAI

saying July revs exceeded 2Q, & (iii) US hyperscalers showed their ability to monetize compute investments, MSFT +16%

(Azure beat) and AMZN +8% AH (AWS beat).

Positioning… passed the low for Momo & time to buy the dip in EM/Tech. Following Mixo (on Korea) and Nikos (on

Flows) yesterday, John Schlegel in our prime intel team is overnight saying we’ve passed the lows for Momo. EM strategist

Rajiv Batra agrees, with a timely report out overnight arguing its time to buy the 15% pullback in MXEF - with the index

now on 10x P/E (a level its historically bounced off) and -1SD.

BOJ day… Expect no change, JPY surged 2.5% overnight. Having hiked just last month, the BoJ will almost certainly keep

rates unchanged. The focus will be on the forward path & if Ueda opens the door to a Sept hike (only 30% discounted).

Overnight, the JPY surged and the Nikkei confirmed intervention. Alas, intervention moves tend to be temporary, unless the

underlying issue is addressed (-ive real yields).