Silver Sunrise Euro TMT Daily

研报英文原文证据摘录

Silver Sunrise Euro TMT Daily

me decay) as believe Fri

selldown was triggered and exacerbated by systematic program selling. Link

• Josh Meyers (US Hardware / Semis Specialist): It’s been a painful few weeks, foreshadowed by discussions a few weeks

ago with our Global Strategy team on rising near-term risks for AI semis (including growing risks of high/constrained

leverage), concerns expressed by JPM Positioning Intel (of cooling retail, a news vacuum, de-grossing and signs of folks

positioning for economic broadening – i.e. into Healthcare, Financials and Alternatives), and options volatility flagged by our

team. I’ve also been noting a clear divide between generalists/internet/software folks on the one hand and HW/Semis

specialists on the other; the latter, of course, continue fundamentally to believe that the AI trade must continue, and that

bottlenecks assure continued opportunities for substantial additional upside over time. Most folks I talk to were prepared for

some weakness, but yesterday was the first day where incoming investor questions (at least from my tech-heavy client base)

sounded genuinely more worried. Link

Key Research / Comments

1. SAP -Expert Pulse - Joule 2.0 improvements but clouded longer-term spend outlook- Toby Ogg Read Full Note HereIn this

note, we draw on expert insight to give investors a perspective on key themes and trends from customers and partners that are

relevant for SAP. This particular expert touches on a number of key debates that are relevant for the SAP equity story. The

expert highlights that SAP’s Joule 2.0 (beta tested latest version) is an improvement relative to the first version, viewing it as

more complete. Whilst Joule could add incremental SAP spend in the near-term, the expert indicated that the aim was to