JPM | APAC THEMATICS - Tech unwind: Late innings / Korea Strategy: Deleveraging likely 75% done in leveraged ETFs and 50% in HFs / Global Strategy: Stay bullish tech / China Chips: AIDC takeaways

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JPM | APAC THEMATICS - Tech unwind: Late innings / Korea Strategy: Deleveraging likely 75% done in leveraged ETFs and 50% in HFs / Global Strategy: Stay bullish tech / China Chips: AIDC takeaways

Specialist Sales

APAC Specialist Sales J P M O R G A N

20 July 2026

Additionally, our global strategy teams publish reiterate their view on tech...

(1) Mislav Matejka... argues we are in the “mature stage” of the unwind. AI capex tech stocks have sold-off progressively over

the past 3 weeks on Meta compute overbuild concerns, plans by semi-cos to raise capital and lift capex, as well as model

competition from China. However, Mislav argues we are fast approaching oversold territory, with RSIs at 40 (link). Given the still

strong fundamental backdrop (EPS revisions continue higher), Mislav expects Semis to start to finding a bid soon. It’s also

encouraging that despite >20% drawdowns in many semi heavyweights, MXWO is holding within 1-2% of its all-time highs, as

other sectors like banks and energy took over the heavy lifting in July - which suggests the broad backdrop for equities remains

supportive even as near-term conviction has wobbled on tech. We remain constructive on AI tech capex, expecting (i) CSP

spending to sustain beyond 2026 into 27/28, and (ii) the supply-response from semi-cos to not be meaningful until 2028, both of

which should keep S/D conditions tight (thus pricing power strong).

(2) Dubravko Lakos Bujas… argues the AI cycle remains intact. The market is starting to ask more questions around tangible

evidence of monetization, but we ultimately think the market will get there - so would use the buyback as an opportunity to buy

(link). While positioning is still far from flushed, the setup is healthier than it was. EPS momentum also remains strong, with 2Q