JPM TECH SKETCH: Internet Q2 Earnings Preview Deck (META, GOOGL, AMZN, NFLX, SPOT, etc.), IBM Negative Pre, APP Plunges - Again

研报英文原文证据摘录

JPM TECH SKETCH: Internet Q2 Earnings Preview Deck (META, GOOGL, AMZN, NFLX, SPOT, etc.), IBM Negative Pre, APP Plunges - Again

Specialist Sales J P M O R G A N

14 July 2026

Internet Q2 Earnings Preview Slide Deck (META, GOOGL, AMZN, NFLX, SPOT, etc.), IBM Negative Pre, APP Plunges - Again

JPM TECH SKETCH: Internet Q2 Earnings Preview Deck

(META, GOOGL, AMZN, NFLX, SPOT, etc.), IBM Negative Pre,

APP Plunges - Again

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

SCHILSKY’S SNAPSHOT

It continues to amaze me that a $150B company like APP can plummet -13% on the back of a peer research note in

which the analyst took down eComm numbers based off publicly available data that has been known for weeks. It

speaks to the lack of conviction that APP shareholders have in the business – and the eComm initiative. This is in

relative contrast to RDDT shareholders who sound ever-more emboldened by the recent data, upward share price

movement, and expectations for another big Revenue beat. APP remains the show-me story in SMID Internet.

[It’s a slow news day. The quiet before we plunge into Q2 earnings season.]

- US Internet Q226 Earnings Preview (META, GOOGL, AMZN, UBER, etc.): From Doug’s US Internet Q226 Earnings

Preview (META, GOOGL, AMZN, UBER, etc.): “Frequent Discussions & Debates: Capex Outlook - 2027: Consensus

2027 capex is too low…we model 54% growth for GOOG/L (~$300B) & 42% growth for AMZN (~$300B) & META

(~$200B)…but our bias is still to the upside…we currently model FCF bottoming 2026-2027 & FCF as a % of revenue

stabilizing 2027-2028, but that could push out…ROIC coming down, but building in more costs than related revenue.” I also

re-printed my META and GOOGL Previews from yesterday below in case you missed them.