Silver Sunrise Euro TMT Daily

研报英文原文证据摘录

Silver Sunrise Euro TMT Daily

hrough earnings, take profits (hopefully) into any post-results strength and look to rebuild exposure into

September as conference season begins.The principal source of investor nervousness is not around near-term semi

fundamentals but around the AI demand narrative underpinning the sector. In particular, there is growing debate around

“token maximisation” versus “token minimisation” and whether improvements in model efficiency could temper future

compute demand or AI infrastructure investment. For now, few believe this represents a threat to the broader AI

infrastructure cycle but any evidence of weaker-than-expected ARR growth or a sharper-than-anticipated slowdown from the

LLM’s would likely have an outsized impact on semis given how much future growth is already embedded in valuations. As

you know we have a fully global TMT spec sales team here so please do reach out if you'd like to be connected up to my

awesome counterparts in the US and Asia, Josh Meyers and Duncan Wagner.Read Full Note Here

Events

• Roundtable with Larry Feinsmith, JPMC Global Head of Tech Strategy, Innovation & Partnerships | July 9 | London (In

Person)

Global TMT Content

• Josh Meyers (US Hardware / Semis Specialist): Lots of memory noise today. The biggest story is from China, where

according to the FT, AAPL now seeks U.S. government clearance to source memory chip from CXMT, and elsewhere it’s

reported that CXMT secured a U$3b multi-year contract from Tencent to supply server memory. Multiple media reports

suggest AAPL is lobbying the Trump administration for clearance to buy memory chips from CXMT, which has been

designated a “Chinese Military Company” under NDA Section 1260H; the company is not on the entity list, but some express