TMT Daily: GLOB -7% premarket on IBM‘s print, as IT budgets shift again; Anatel Jun-26 data: NuCel decelerating? AMX back at ‘usual‘ portability levels

研报英文原文证据摘录

TMT Daily: GLOB -7% premarket on IBM‘s print, as IT budgets shift again; Anatel Jun-26 data: NuCel decelerating? AMX back at ‘usual‘ portability levels

Global Research

14 July 2026ab

TMT Daily Equities

Emerging MarketsGLOB -7% premarket on IBM's print, as IT

budgets shift again; Anatel Jun-26 data: NuCel Telecommunications

decelerating? AMX back at 'usual' portability Leonardo Olmos,AnalystCFA

levels leonardo.olmos@ubs.com+55-11-9658 7533

Gustavo Farias

Associate Analyst

GLOB: Down 7% premarket on IBM's print, as IT budgets shift again gustavo.farias@ubs.com

+55-11-2767 6154

What happened: Today, IBM reported preliminary Q2 results, with revenue below

consensus estimates (US$17.2bn versus US$17.86bn). The shares fell as much as 19%

in premarket trading, according to Bloomberg, while IT services peers also

declined, including Accenture (-8%), Cognizant (-5%), Capgemini (-4%) and Globant

(-7%).

Infrastructure weakness exceeded expectations as client spending shifted.

IBM said Infrastructure revenue declined more than expected, driven by

weaker Z performance and the associated software stack, primarily

Transaction Processing. In the final weeks of June, clients redirected quarterly

capex toward servers, storage and memory to secure supply-constrained

equipment ahead of expected price increases. Management said the scale of

this reprioritization was greater than anticipated, while rapidly evolving

cybersecurity concerns also distracted clients.

UBS's take: Negative read for GLOB. In our view, IBM's print furthers the discussion

on allocation shifts in corporate IT budgets - which has long being reprioritized

towards AI - now impacted by timing effects related to infrastructure spending,

with memory and other components capturing a higher share of clients' IT spending,