JPM | APAC THEMATICS - Semis: Stay under pressure SOX -5% / TSMC: Good, but not enough to change the narrative / Hyperscaler capex: Key driver of the market regime / HF Positioning: Flow & themes

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JPM | APAC THEMATICS - Semis: Stay under pressure SOX -5% / TSMC: Good, but not enough to change the narrative / Hyperscaler capex: Key driver of the market regime / HF Positioning: Flow & themes

tioning trends. Jigar notes in recent weeks we’ve (i) Continue to see net selling in Asia AI

supply chain and Datacenters with continued rotation away from Semis/Korea/Taiwan, (ii) On the flip side, we’ve seen buying in

China Mag7 and HSTECH as interest in internet revives, (iii) Broad appetite to buy across China consumer, real estate and

materials, suggesting a re-risking into domestics perhaps ahead of fiscal stimulus expectations at the July Politburo, & (iv) Japan

flows remain constructive especially for Exporters which saw 5d and 20d net flows of >2z - but positioning levels for Exporters

are now high (96%ile since 2018) amid the weak JPY.

(5) Finally in Korea… the regulator tightened leveraged ETF listings & margin finance rules. The KOSPI hit multiple side-

cars this week and is thankfully is closed today! The situation has deteriorated to the point where (i) Korean regulators have

moved to temporarily halt new listings of single-stock leveraged ETFs, (ii) The FSC raised minimum initial margin requirement

for new and existing leveraged ETF investors, from W10m to W30m from 5 Aug, (iii) For those same investors, the FSC

tightened collateral eligibility, with only cash recognized in initial margin calculations effective 19 Aug, vs previously 70% of the

value of eligible securities (e.g. stocks, ETFs, bonds) could be included, & (iv) Brokers were previously allowed to relax margin

requirements after 3 months of trading taking into account experience, but going forward this isn’t possible for investors with

single-stock leveraged products.