Silver Linings Euro TMT Weekly: EU TMT Sector Specialist Commentary

研报英文原文证据摘录

Silver Linings Euro TMT Weekly: EU TMT Sector Specialist Commentary

sh Trading), Matt See (Head of APAC Specialist Sales) and Jigar Vakharia (EMEA Positioning

Intelligence) to discuss the recent unwind across global technology and semiconductors. The key takeaway was that the correction

remains largely positioning-driven rather than fundamentally driven, with the panel maintaining a constructive view on the

longer-term AI and semiconductor investment cycle. Borja argued that, following an extended momentum rally, the recent

pullback was in some ways both healthy and necessary, with earnings from key infrastructure names such as ASML and TSMC

remaining robust despite increasingly disappointing price action. Looking ahead, the debate is likely to shift away from current

demand and towards whether management teams begin to moderate their capex commentary, although we still expects

infrastructure suppliers to deliver confident messages through the remainder of earnings season. Matt added that the SOX has now

recorded its largest relative underperformance versus the S&P 500 since 2002 and noted that, across 15 historical examples,

similar drawdowns have typically proven attractive buying opportunities unless accompanied by a major macro shock such as

COVID, aggressive Fed tightening or tariffs. He also remains constructive on the fundamentals and that the market is pricing in a

slowdown far too early, with silicon supply-demand dynamics still supportive. From a positioning perspective, Jigar highlighted

that the unwind has so far been characterised by de-risking rather than wholesale de-grossing. While hedge funds and leveraged

retail investors, particularly in Korea, have materially reduced exposure, semiconductor positioning and gross leverage remain