JPM TECH SKETCH: UBER ‘Advanced Talks’ with DHER.GY, CVNA Q2 Preview – Return to EBITDA/Unit Growth, IBM Positive for Security, LION Finally Getting Bought?

研报英文原文证据摘录

JPM TECH SKETCH: UBER ‘Advanced Talks’ with DHER.GY, CVNA Q2 Preview – Return to EBITDA/Unit Growth, IBM Positive for Security, LION Finally Getting Bought?

Specialist Sales J P M O R G A N

15 July 2026

IBM Negative Pre-Announcement (Positive for Security):

IBM’s stock had its biggest one day decline (-25%) since LBJ was president after pre-announcing a Q2 earnings miss!

Brian details the miss in today’s IBM Negative Pre-Announcement (Positive for Security): “Strength in the underlying IBM

portfolio. 2Q Red Hat revenue growth accelerated sequentially to 11% y/y, as well as recent acquisitions of HashiCorp and

Confluent delivering strong performance. Distributed Infrastructure posted its best performance in history, up 37% y/y, led by

Power and Storage, exiting 2Q with roughly $500mm in backlog. z17 remains at nearly 130% program-to-program, well ahead of

z16, with clients representing 85% of installed MIPS maintaining or growing capacity. Consulting signings continued to grow, led

by strong GenAI contribution, and productivity initiatives supported continued non-GAAP PTI margin expansion.”

“Positive read through for Cyber coverage. We remain positive on the Mythos-related cyber traction, particularly enterprise-

focused exposure management names (TENB and QLYS) and scaled platform vendors (PANW, CRWD, ZS) with Mythos-driven

pipeline acceleration. We also view the capex shift toward infrastructure as a positive near-term read-through for firewall vendors,

where we could see another quarter of pull-forward benefit as customers continue to purchase ahead of anticipated pricing

increases. That said, the duration of pull forward remains uncertain and we think FTNT in particular could face hardware declines

next year on tougher comps.”