Silver Sunrise Euro TMT Daily: EU TMT Sector Specialist Commentary

研报英文原文证据摘录

Silver Sunrise Euro TMT Daily: EU TMT Sector Specialist Commentary

Scott Silver - Specialist Sales - European TMT AC (44-20) 7134-0412 Europe Specialist Sales J P M O R G A Nscott.silver@jpmorgan.com

J.P. Morgan Securities plc 29 June 2026

• Josh Meyers (US Hardware / Semis Specialist): The big story today is obviously MU. Here’s what I wrote in my Off The

Call last night, followed by Harlan’s formal bullish commentary

The print was far better than our bars suggested, but management’s tone and message was the big surprise (and above all the

huge surprise in supply agreements, with solid disclosure around them). True, most respondents (~75%) to my Buyside Bars

expected the MU team to announce additional SCAs; but expectations were neither for this number of agreements, nor for this

level of disclosure. Half of that 75% expected confirmation of SCAs but with no specific % disclosure (other than some

saying possibly qualitative color on customer type, e.g., hyperscalers) and ~40% offered a specific % estimate, with a wide

range but clustering around 30–50% of forward bit shipments. Link

• Mark Schislky ( US Internet, Software, Media & Telco ): From Doug’s AMZN State of US eComm: “Expecting HSD%

US E-Commerce Growth & Continued Penetration Gains in 2026; 40%+ Online Penetration Possible L-T. As e-commerce

moves beyond 2025 tariff impacts and benefits from greater same-day delivery and strength across essentials, we expect US

online retail growth to accelerate to +9.6% Y/Y in 2026 (vs. +5.4% Y/Y in 2025), w/penetration increasing +125bps Y/Y to

24.2% of 2026 US Adj. Retail Sales. Despite higher gas prices & softer consumer sentiment, we believe spending trends

remain broadly stable…We project US e-commerce growth in the HSD% range through 2027, w/penetration reaching ~25%