Block J.P. Morgan TMC Conference Takeaways

研报英文原文证据摘录

Block J.P. Morgan TMC Conference Takeaways

J P M O R G A N North America Equity Research

19 May 2026

Block Overweight

XYZ, XYZ US

J.P. Morgan TMC Conference Takeaways Price (19 May 26):$69.17

Overweight

Today, XYZ co-founder, Block Head and Chairman of Block Jack Dorsey XYZ.AX, XYZ AU

presented at our TMC Conference in Boston. Conversation focused on Block’s Price (19 May 26):A$98.60

push to become an Intelligence Company, and the shift from the old world of top- Price Target (Dec-26):A$140.00

down product delivery to a new world where products are adaptable and

customizable based more directly on what customers need. Importantly, Dorsey

emphasized a renewed focus on creativity and getting back to taste, judgment and Payments, Processors & IT Services

invention as durable skills, which is where Square and Cash App shine, in our view. Tien-tsin Huang, CFA AC

Notably, Dorsey described how we should expect to see these changes in product (1-212) 622-6632

design and workflow this year, while we should also expect two new hardware tien-tsin.huang@jpmorgan.com

devices to be released (one for Square and one for Cash App). Overall, we thought J.P. Morgan Securities LLC

the tone and energy was positive and encouraging. See details below, Connor Allen

(1-212) 270-2895

• Block as an Intelligence Company. Dorsey framed Block’s strategy as connor.allen@jpmorgan.com

evolving from building products into building an intelligence streaming J.P. Morgan Securities LLC

platform that helps customers make better decisions and take action in real Charles Pearce, CFA

(1-212) 622-4368

time. For Square sellers, he described this as moving beyond software that charles.pearce@jpmchase.com

records activity to software that proactively helps run the business with J.P. Morgan Securities LLC