JPM TECH SKETCH: NFLX Q2 I Will Find You (a Lower Share Price), META Hires AMZN AWS Exec, NOW Q2 Preview – Organic Chemistry, GOOGL Gemini Pro 3.5 Delayed

研报英文原文证据摘录

JPM TECH SKETCH: NFLX Q2 I Will Find You (a Lower Share Price), META Hires AMZN AWS Exec, NOW Q2 Preview – Organic Chemistry, GOOGL Gemini Pro 3.5 Delayed

Specialist Sales J P M O R G A N

17 July 2026

NFLX’s Struggles Continue, NOW Q2 Earnings Preview, SPCX Aborts Starship V3 Launch

JPM TECH SKETCH: NFLX Q2 I Will Find You (a Lower Share

Price), META Hires AMZN AWS Exec, NOW Q2 Preview –

Organic Chemistry, GOOGL Gemini Pro 3.5 Delayed

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

SCHILSKY’S SNAPSHOT

SOXX is now down -19% from its mid-June peak. It’s now ‘only’ up +68% YTD. Yesterday’s bugaboo was Kimi K3

which ranked 3rd on Artificial Analysis’ Intelligence Eval. (It’s not a cheap model, but a great model.) Combine that

with GOOGL Gemini 3.5 Pro’s reported delay and you have another leg down in the most crowded trade in the

market…

[Programming Note: I’m visiting my son up near Lake George at his sleepaway camp this weekend. The Tech Sketch will

return on Tuesday July 21st.]

- NFLX Q226 Earnings – I Will Find You (a Lower Share Price): NFLX is trading down -11% pre-market off the back of

a quarterly print and guide that I can only describe as disappointing. Plus the semi-annual Engagement Report is now

moving to annual. (Not great, but better than pulling it all together.) Schilsky’s Take: These are not the hallmarks of a

business hitting on all cylinders. They are the hallmarks of a business that is struggling to avoid a deceleration in topline

growth…I expect Bears will be playing for this business trading ~15x $3.75 of 2027 EPS which equals ~$56. I’m not

quite ready to say that NFLX should trade sub-15x. That seems too draconian. The days of 20x+ are likely far behind us at

this juncture…Also, check out Doug’s NFLX Q226 Engagement Concerns Persist.