J.P. Morgan U.S. SMid FTM 21 May 26 J.P. Morgan Global TMC Conference; Semiconductors/Semicap; FLYW; Food Producers and Retailers; URBN; SSB; iUS Large Cap BioPharma; BHVN and More

研报英文原文证据摘录

J.P. Morgan U.S. SMid FTM 21 May 26 J.P. Morgan Global TMC Conference; Semiconductors/Semicap; FLYW; Food Producers and Retailers; URBN; SSB; iUS Large Cap BioPharma; BHVN and More

North America Equity Research

U.S. SMID First to Market 21 May 2026

Mentions

J.P. Morgan Global TMC Conference (Ken Goldman)

Daily Wrap-Ups and Summaries (Day 3)

On the third day of J.P. Morgan Global Technology, Media and Communications Conference, 29 companies presented to our

investor clients.

Wrap-Ups and Summaries (Days 1 - 3)

At the J.P. Morgan Global Technology, Media and Communications Conference, 196 companies presented to our investor

clients.

Semiconductors/Semicap (Harlan Sur/Mayur Ramdhani)

TMC Conference Summary: Continued Momentum Post Q1 Earnings: AI Inference Inflection; Broad-

based Cyclical Recovery; Solid Memory Upcycle; WFE Cycle Elongated - Stay OW the Group

This week, we hosted 13 semiconductor and semiconductor capital equipment companies at our 54th annual J.P. Morgan

Global Technology, Media, and Communications Conference. Our most notable takeaway from the conference is the

unanimous messaging from companies on follow-through on demand momentum across both semis and equipment since the

recent earnings season, with virtually every management team noting that bookings, backlogs, and customer escalations have

continued to build in the weeks since their prints.

| Flywire (Tien-tsin Huang, CFA) (FLYW, N, PT $16.00)

J.P. Morgan TMC Conference Takeaways; Upgrading to Neutral

We are upgrading FLYW shares to Neutral (from UW), leaning more into our positive bias as management’s sharp execution on

re-mixing the business (organically and inorganically) makes FLYW less vulnerable to negative earnings revision risk.