JPM | APAC THEMATICS - Profit taking in tech: Goes global / Korea flash crash: Running the numbers / Cembalest special: US grip on financial markets / ICICI Bank: APAC Conviction call

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JPM | APAC THEMATICS - Profit taking in tech: Goes global / Korea flash crash: Running the numbers / Cembalest special: US grip on financial markets / ICICI Bank: APAC Conviction call

Specialist Sales

APAC Specialist Sales J P M O R G A N

23 June 2026

JPM | APAC THEMATICS - Profit taking in tech: Goes global /

Korea flash crash: Running the numbers / Cembalest special: US

grip on financial markets / ICICI Bank: APAC Conviction call

Matthew See

+852 2800 8889

matthew.see@jpmorgan.com

APAC Thematics focuses on key macro views, market debates, and favoured investment themes.

THE BIG PICTURE: Profit taking in tech. The tech weakness from Asia rolled into US overnight… with the SOX down

8%. Similar to Asia, the pain was most acute in Memory, as Micron -13% and Sandisk -14% followed Samsung -12% and

Kioxia -15% lower. All eyes are on Micron’s earnings later today - with the Semis pullback driven by heavy positioning and

nerves into results, vs any change in fundamentals.

Historical precedent suggests ‘flash crashes’ in Korea should be bought. Over the past 20y, MSCI Korea has seen just 9x

three-day rolling declines of >10% (5x were in the GFC and 2x earlier this year) - which ended up being buying

opportunities. That said, the valuation, growth & positioning setup today is very different - and at this stage of the cycle,

fundamentals matter more than market technicals.

Michael Cambalest has published an excellent note on America’s financial grip on global markets. Ahead of America’s

250 anniverary, Michael digs into a range of topics including (1) Why America’s dominant reserve status remains strong, (2)

Why the sell-America trade will run out of steam given given superior EPS growth growth, (3) How US productivity growth

continues to lead the G10.

From the franchise...