Silver Sunrise Euro TMT Daily: EU TMT Sector Specialist Commentary Tech•Media•Tech

研报英文原文证据摘录

Silver Sunrise Euro TMT Daily: EU TMT Sector Specialist Commentary Tech•Media•Tech

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Borja Rodriguez-Cano – Co-head of Global High Touch Cash Trading

Matt See – Market Thematic Specialist Sales, Head of APAC Specialist Sales

Jigar Vakharia – EMEA Positioning Intelligence

Global TMT Content

• Duncan Wagner (APAC Hardware / Semis Specialist): SEC: top investor pushback remains positioning as Mixo estimates

75% of ETF unwind is through -> $18bn and more than half of HF de-leveraging. Leveraged ETFs have shrunk from $50bn

peak to now $26bn, and L/S ratios in JPM Prime book have declined from >5.5x -> >4x (thou we also have a quant skew).

Margin balances, which are highly queried by investors, have somewhat declined from a >$25bn peak to now $21bn, and

account for 0.5% market cap, far below US 1.9% and China 2.8%. Korea retail have ample equity gains, cash balances, higher

incomes and overseas assets to absorb any margin calls. There have been >$110bn of foreign outflows YTD – breaking any

record. The two memory names hit mandate limits which forced investors to sell the rallies, similar to TSMC. This selling

pressure has eased tactically, as the two heavyweights are now only 7.5% and 5.7% weights in MSCI EM, as investors are

increasingly pegging SEC on P/B and cylical metrics vs P/E and structural theses. The market also awaits Kioxia re-opening

today, as many investors prefer NAND fundamentals due to eSSD driven KV cache offloading demand, while question retail

long margin levels and overall positioning

TSMC: MSFT announced will deploy AMD Helios racks in its Azure data centers, joining other early customers Meta,

OpenAI and Oracle link. TSMC GM miss was the top incoming question post the results, which Gokul explained was due to