Silver Sunset: Top EU TMT Talking Points Today - Let‘s Discuss

研报英文原文证据摘录

Silver Sunset: Top EU TMT Talking Points Today - Let‘s Discuss

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 14 July 2026

Silver Sunset: Top EU TMT Talking Points Today - Let’s Discuss

Scott Silver

+44 207 134 0412

scott.silver@jpmorgan.com

Today’s focus has been heavily driven by EU Semis ahead of ASML numbers tomorrow and feedback calls following a 25

person semis dinner we hosted last night - let me know if youd like to chat through this. Second European Software / SAP

was topical following an unhelpful IBM miss with one investor saying that “this is a reminder of why you don’t want to be

buying software names yet.”

Let's discuss?

Quick Silver: Thoughts & Debates

EU Semis Dinner Takeaways: Last night’s we hosted a European Semis dinner with that was dominated by discussion around

ASML ahead of tomorrow’s results. The debate centres on whether management provides enough incremental evidence on long-

term EUV capacity to justify further earnings upgrades. Investors increasingly believe simply reaffirming existing expectations

around c.90 EUV systems for 2027 is unlikely to be sufficient in the current tape. Instead, the market is looking for greater

confidence around ASML’s ability to support well over 100 EUV tools into 2028, whether through explicit capacity commentary

or indications that further manufacturing expansion is being planned. The broader concern is that buy-side expectations have

steadily moved ahead of published sell-side forecasts, leaving investors looking for something tangible to plug into longer-term

models. Despite this, sentiment around the stock is far from euphoric. Most investors admitted they remain nervous heading into