JPM TECH SKETCH: NFLX Q2 Preview – Engagement Report > Earnings Report, META Watermelon LLM Bleeding Edge?, RDDT Gaining AI Traffic, TSLA Robotaxi in Miami

研报英文原文证据摘录

JPM TECH SKETCH: NFLX Q2 Preview – Engagement Report > Earnings Report, META Watermelon LLM Bleeding Edge?, RDDT Gaining AI Traffic, TSLA Robotaxi in Miami

Specialist Sales J P M O R G A N

06 July 2026

NFLX Most Crowded Short in Media, META Next LLM Coming Soon, Foldable AAPL iPhone Production Estimates

JPM TECH SKETCH: NFLX Q2 Preview – Engagement Report

> Earnings Report, META Watermelon LLM Bleeding Edge?,

RDDT Gaining AI Traffic, TSLA Robotaxi in Miami

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

SCHILSKY’S SNAPSHOT

- NFLX Q226 Earnings Preview – Engagement Report >>> Earnings Report: Honestly, I could have titled this Preview

‘The Most Crowded Short in Media/Internet’, but I decided to focus my title on the semi-annual engagement report that is

going to drop alongside the earnings print because I could argue it will be more important to investors than Q2 earnings. I

believe this is true because the Bears remain hyper-focused on the fact that NFLX’s engagement growth remains anemic at

just +2% Y/Y. Engagement is the debate on NFLX as investors believe that its slow growth is a harbinger of a future

decline in both Subscriber Growth and Pricing Power. My full Preview is below.

- META Watermelon LLM is Equivalent to GPT-5.5: [Does this sound like a company that is going to slow down its

Capex spend? I don’t think so.] According to Alexandr Wang per a Business Insider report: “In an internal town hall,

Wang said that Meta's upcoming AI model — which is codenamed Watermelon — has caught up with OpenAI's flagship

GPT-5.5 model.” Alexandr Wang tweet. SemiAnalysis also weighed in.

- RDDT Gaining AI Traffic: According to Similarweb.

- TSLA Robotaxi Service Rolls Out in Miami (re: UBER/LYFT/GOOGL): From Automotive World: “Tesla quietly