JPM TECH SKETCH: META Q2 Preview – Hell or High Water(melon), GOOGL Q2 Preview – Gemini Fading?, EU Social Media Ban?, The State of AI

研报英文原文证据摘录

JPM TECH SKETCH: META Q2 Preview – Hell or High Water(melon), GOOGL Q2 Preview – Gemini Fading?, EU Social Media Ban?, The State of AI

Specialist Sales J P M O R G A N

13 July 2026

GOOGL Q2 Earnings Preview – Gemini Fading?, META Q2 Earnings Preview, EU Social Media Ban?, TMUS Q2 Earnings Preview

JPM TECH SKETCH: META Q2 Preview – Hell or High

Water(melon), GOOGL Q2 Preview – Gemini Fading?, EU

Social Media Ban?, The State of AI

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

SCHILSKY’S SNAPSHOT

- META Q226 Earnings Preview – Hell or High Water(melon): The investor debate on META has shifted considerably

over the past two weeks. Instead of debating ‘How?’ META is going to monetize its huge capex investment, the debate

has not shifted to ‘How Much?’ and that is a much healthier place for the stock to be. As such, the stock is up about +20%

over the past two weeks and I think it’s safe to say that expectations for Zuckerberg’s prepared remarks on the call are

elevated. He’s laid out a credible plan to monetize his massive Capex investment via some combination of a Neocloud

business and an LLM API and now investors want to get a better sense for when this monetization needle will start moving –

and how big it can be. I highly recommend you listen to the Q226 earnings in real time – it’s going to be a banger. My view?

META is an AI winner. Investor expectations for the quarter are detailed below. Doug also updated his views on the

company in today’s META AI Outlook Flips but Remain Neutral.

- GOOGL Q226 Earnings Preview – Gemini Fading?: The shine has come off GOOGL a touch the past month as Gemini

continues to fade in both the LLM rankings as well as the minds of investors as Anthropic, OpenAI, SPCX, META, even