Panic at the KOSPI; MU Buy-side Bars; QCOM Investor Event; ASML Underperformance; Russell Rebalance

研报英文原文证据摘录

Panic at the KOSPI; MU Buy-side Bars; QCOM Investor Event; ASML Underperformance; Russell Rebalance

Joshua Meyers - Specialist Sales - US TMT AC (1-617) 310 0767 North America Specialist Sales J P M O R G A Njoshua.meyers@jpmorgan.com

J.P. Morgan Securities LLC 23 June 2026

I’ve been less scientific in my discussions on expectations for tomorrow’s QCOM investor event (starting at 2:15pm ET), so

please share your pushback/feedback here, and I’ll try to incorporate it into a more coherent view by mid-day. Samik’s initial

expectations - for a new 5-year guide through F31 with some very aggressive targets, including 9% share of the CPU TAM –

received broad pushback. Beyond that it’s been tough to find a clear consensus. Of course, most investors think this is a

management that sets aggressive targets, so many expect an aggressively bullish tone – and quite a number say they expect to be

shorting after the smoke clears from the event. Most folks I’ve spoken with expect either an update of the guide through F29, or

discussion through C30 (though some did correctly underscore that they already informally guided F31 revenue during their

investor day two years ago) and bulls sound like something at the higher end of $10~15b would be viewed positively. Bears seem

very skeptical about the complexion and size of new order wins, with questions about who ASIC customers will be (particularly

given a seeming lack of AI networking expertise, and SerDes that are viewed as lower-tier); more constructive investors are just

looking at the TAM and assuming that as it disaggregates, and QCOM naturally wins some orders. Interestingly, a number of

folks said they found some comfort in just how skeptical folks sound in conversations, suggesting expectations are not high.