European Equity Derivatives Strategy European AI and Data Centre Palladium; Rates-Sensitive Option Plays

研报英文原文证据摘录

European Equity Derivatives Strategy European AI and Data Centre Palladium; Rates-Sensitive Option Plays

J P M O R G A N Global Markets Strategy

27 May 2026

European Equity Derivatives

Strategy

European AI and Data Centre Palladium; Rates-

Sensitive Option Plays

• Europe is not the region that investors most commonly associate with AI and Global Quantitative and Derivatives

data centres, yet a number of European equities offer meaningful exposure Strategy

to the AI capex cycle. We recommend expressing this view via a palladium Davide Silvestrini AC

structure – a call option on realized return dispersion – on a basket with (44-20) 7134-4082

constituents selected across three groups: direct AI plays, AI enablers, and AI- davide.silvestrini@jpmorgan.com

affected names. The AI and data-centre build-out is likely to produce uneven J.P. Morgan Securities plc

outcomes across the ecosystem, creating scope for outsized winners and Esmail Afsah AC

heightened stock-level dispersion. (44-20) 7742-9231

esmail.afsah@jpmorgan.com

• Rates Thesis & SMI Trade: J.P. Morgan Equity Strategy argues this week that J.P. Morgan Securities plc

central banks are unlikely to hike as much as markets expect, with the medium- Yangyang Hou

term bias toward lower yields. To capitalize on this, we recommend buying (44-20) 3493-1012

short-dated, Jun-26 call spreads on the SMI, which stands out globally for its yangyang.hou@jpmorgan.com

J.P. Morgan Securities plc

rate sensitivity and offers attractive upside amid recent dislocations.

Tony SK Lee

• Vonovia Upside via Options: At the sector level, we recommend to buy Jul-26 (852) 2800-8857

call spreads or longer-dated call spread collars (Dec-26) on Vonovia as the tony.sk.lee@jpmorgan.com

purest European, optionable play on rates.