Retail Radar May 27 - Theme Stack: AI, Memory, Space, Quantum

研报英文原文证据摘录

Retail Radar May 27 - Theme Stack: AI, Memory, Space, Quantum

ofit-taking (0.0z; Figure 13CumulativeRetailImbalanceinZS). Looking ahead, our analysts remain J.P. Morgan Securities LLC

constructive, as the ‘financial outlook has strengthened since the March Dubravko Lakos-Bujas AC

earnings call, with HBM, DRAM, and NAND tightness expected to continue (1-212) 622-3601

“well beyond CY26”’, see TMC Conference Takeaways. dubravko.lakos-bujas@jpmorgan.com

J.P. Morgan Securities LLC

• Our Software vs Semis Crowding analysis piqued the curiosity of our clients,

see report and Figure 8OveralCrowdinginSoftwareandSemis-SomeReversalRecently to Figure 11ShortsHerdinginSoftwareandSemis. Since then, there has been some reversal

amid interesting developments within Software: this includes SNOW jumping

All-America Equity Research Extel (I.I.) Survey is

25-30% after markets on Wednesday, as the company announced a $6B deal open. You can access/ask for the ballot at https://

with AMZN and raised its sales outlook; but also CRM, which gave a revenue www.extelinsights.com/voting.

outlook for 2Q26 which just fell short of analysts’ estimates. Overall, retail has

continued to sell PLTR (-1.2z) and PANW (-3.3z) but was positive on NOW

(2.6z) and ZS (5.5z, Figure 13CumulativeRetailImbalanceinZS, driven by an outsized 12.0z “buy-the-dip” day

on Wednesday as the stock declined -31.5%).

• Space stocks and ETFshave become increasingly in focus over the past few

weeks. Within the theme, retail investors recorded their largest purchases in the

NASA ETF (Figure 20DailyRetailImbalanceinNASA), coinciding with the ETF receiving its strongest

inflows since launch according to our Derivatives analysts, report. By contrast,