JPM TECH SKETCH: GOOGL Vanguard of Lag7, META Competing w/NFLX?, AMZN Prime Deep Dive, APP eComm Now GA, IBM U/G to OW: US TMT Specialist Commentary Internet · Software · Media & Telecom

研报英文原文证据摘录

JPM TECH SKETCH: GOOGL Vanguard of Lag7, META Competing w/NFLX?, AMZN Prime Deep Dive, APP eComm Now GA, IBM U/G to OW: US TMT Specialist Commentary Internet · Software · Media & Telecom

Specialist Sales J P M O R G A N

23 June 2026

GOOGL -5% on Numerous Issues, META Long-Form Content Play?, AMZN Prime Price Increase?, APP Ads Open to All

JPM TECH SKETCH: GOOGL Vanguard of Lag7, META

Competing w/NFLX?, AMZN Prime Deep Dive, APP eComm

Now GA, IBM U/G to OW

Mark Schilsky | mark.schilsky@jpmorgan.com | +1 (212) 622-2668

SCHILSKY’S SNAPSHOT

CRM only has to go down another -13% before it hits the lows of post-ZIRP late 2022. That doesn’t meant that would

necessarily be the bottom though…

- GOOGL -5% as Lag7 Gains Steam: GOOGL was yesterday’s notable ‘Lag7’ decliner (AMZN -5%, META -2%, etc.)

and unsurprisingly I received numerous inbounds during Monday’s session. The most proximate reasons for the stock’s

decline, in order of relevancy, are: 1) Rotation. SOXX was up +2%. MU is reporting this week and Semis investors are

increasingly buying Memory, shorting their customers, including GOOGL, plus you had the monster Russell rebalance last

Thursday (perhaps we had a touch of a hangover), 2) GOOGL DeepMind lost two more senior researchers, 3) Chinese open

source model GLM-5.2 beat GOOGL Gemini 3 Pro (but not Flash high reasoning) on the SWE-bench – Artificial Analysis

has analysistoo, and 4) a peer of ours published a bullish note on AI ads that has some investors harkening back to last year’s

GOOGL Bear Case on Google Search losing share…

- META Now Competing More Directly with NFLX (re: ROKU, FOXA, DIS, GOOGL, etc.): NFLX traded off -6%

yesterday partially on a negative alt data dump on Q2 Net Sub Adds and partially off this META Press Release indicating