US Hardware / Semiconductors Sector Specialist Commentary: Bars & Surveys (share AAPL thoughts?); Thoughts from the APAC Floor; AMKR, CDNS, CLS, FFIV, SANM; News

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US Hardware / Semiconductors Sector Specialist Commentary: Bars & Surveys (share AAPL thoughts?); Thoughts from the APAC Floor; AMKR, CDNS, CLS, FFIV, SANM; News

Joshua Meyers - Specialist Sales - US TMT AC (1-617) 310 0767 North America Specialist Sales J P M O R G A Njoshua.meyers@jpmorgan.com

J.P. Morgan Securities LLC 28 July 2026

Bars & Surveys (share AAPL thoughts?); Thoughts from the APAC Floor; AMKR, CDNS,

CLS, FFIV, SANM; News

Joshua Meyers

+1 617 310 0767

joshua.meyers@jpmorgan.com

APAC Thematics Spec Matthew See shared thoughtful commentary on Tech from the floor in HK, where we had another

brutal day in Semis from Japan down through to Taiwan. While many still see the unwind as positioning degrossing and leverage

unwind, he notes, there’s also a growing debate on tech fundamentals: “greed” of near-term EPS growth/revisions v. “fear” of the

eventual unwind of the S/D deficit. He concedes that the power of the revision/growth narrative seems to be weakening as

revision deltas slow, as the bear debate around mean reversion (we’re late cycle/companies are over-earning) is gaining traction…

even as it lacks any conviction around timing. Matt also helpfully shares thoughts form our Head of Equity Cash Risk Trading

(biggest momo unwind since 2020, with volumes exploding as positioning cleanses); Korea (where we ended the day better to

buy!) & Taiwan (we're below 120MA) Execution, Taiwan Sales and the APAC Spec Desk (Duncan)

A reminder that I’ve sent my Buyside Bars for the Analog Reporters MCHP, NXPI & ON, and other key near-term reporters

APH, CDNS, CLS, GLW, KLAC, LRCX, TER. I’ve also conducted surveys for storage names SNDK, STX & WDC (contact

me for the survey – there’s still time to participate).