Silver Sunrise Euro TMT Daily: EU TMT Sector Specialist Commentary

研报英文原文证据摘录

Silver Sunrise Euro TMT Daily: EU TMT Sector Specialist Commentary

Scott Silver - Specialist Sales - European TMT AC (44-20) 7134-0412 Europe Specialist Sales J P M O R G A Nscott.silver@jpmorgan.com

J.P. Morgan Securities plc 27 July 2026

Silver Sunrise Euro TMT Daily

Scott Silver

+44 207 134 0412

scott.silver@jpmorgan.com

RESEARCH SNIPPETS

• Deutsche Telekom -T-Mobile US: The learnings from last week’s US Telco reporting season- Akhil Dattani Read Full

Note Here

• Wolters Kluwer - Info Service Series: Tax in an AI world. The jewel in WK’s tarnished crown & the key to its

investment story- Daniel Kerven Read Full Note Here

• HAVAS -Downgrade to Neutral- Daniel Kerven Read Full Note Here

• SAP -Backlog resilience encouraging but AI monetisation holds the key to margin comfort- Toby Ogg Read Full Note

Here

• US All Stars Conference is taking place on the 22nd and 23rd of September. In Tech, we've Analog Devices, ARM

Holding, Cisco Systems, Coherent, Texas Instruments and Verisek Analytics attending. Registration link is here: https://

jpm.buythesell.com/Registration/EventAccess?id=176

QUICK SILVER: SNIPPETS

• EU TMT WEEKLY: STM, NOK, SAP, EU TELCO - As we wrap up another busy week of European TMT earnings,

my biggest takeaway is that this remains an exceptionally difficult and, at times, unhealthy market. The fundamental

backdrop across much of the sector continues to look more resilient than the share price reactions would suggest, yet

investors are proving increasingly unwilling to reward anything short of perfection. The clearest example was Nokia,

where standout AI order momentum still wasn’t enough to prevent the stock from closing around 5% lower on the day,

highlighting just how unforgiving the tape has become.