Silver Sunrise Euro TMT Daily

研报英文原文证据摘录

Silver Sunrise Euro TMT Daily

ude Tracking More than Our Expectations- Samik Chatterjee Read

Full Note Here

• J.P. Morgan South Korea FTM 26 Jun 26 - Korea Insurance; Memory Market Update; Korea Economics and More-

Stanley Yang Read Full Note Here

• Jentech Precision Industrial Co. - Raise estimates on better-than-expected 2Q26 outlook and solid content growth in Rubin

Ultra; OW- William Yang Read Full Note Here

Trading Recap

Not the big up day perhaps expected as the S&P closed unchanged on inline mkt volumes (QQQ +80bps). Massive Micron

induced pre mkt strength across the AI complex was quickly eroded over a very nervy first 30mins. Combination of 1) AAPL

weakness on price hikes (amplifying memory costs concerns, which MSFT further fuelled on XBOX px hikes), 2) continued

rotation from AI spenders / Mag7 (-2.3%) towards AI bottlenecks (+4.7%) and 3) a solid set of macro prints (better PCE, smaller

claims, stronger GDP & durable goods) which reinforced the broadening-out trade, weighing on momentum spreads early. Calm

eventually returned, with MU finishing the day +15% as the dispersion remained throughout. Finally, headlines of a ship struck in

the SoH saw oil rise over the course of the session, keeping the broadening in check as consumer faded.

Flow-wise, JPM volumes came in below recent averages and skewed net better to buy. We saw HF adding Tech risk through the

pipes, funded with Real Estate/Healthcare. On the HT desk, the first couple of hours felt busier: there was an early pre mkt chase

in some of the AI winners that quickly evaporated as momentum turned on the open. Overall though we continued to see supply

in AI-vulnerable names alongside demand in AI infrastructure/semis, while Mag7 continued to see steady supply and remains

source of funds.