JPM TECH SKETCH: META Q2 ‘Trust Me, Bro’, MSFT Q4 Azure Accelerating, CVNA Q2 Investing for Growth, APP/ ETSY/ICART Q2 Previews

研报英文原文证据摘录

JPM TECH SKETCH: META Q2 ‘Trust Me, Bro’, MSFT Q4 Azure Accelerating, CVNA Q2 Investing for Growth, APP/ ETSY/ICART Q2 Previews

Specialist Sales J P M O R G A N

30 July 2026

- ETSY Q226 Earnings Preview – How Big Will the Buyback Be?: Two quarters ago I dubbed ETSY a ‘bad short’

because I didn’t have the chutzpah to declare it a ‘good long’. Well, since the beginning of the year, ETSY has outperformed

nearly every stock in my Internet universe and is now up over +50% YTD. It’s a Hedge Fund Hotel – as long as the GMS

data continues to look good. For the next leg higher, ETSY is going to have to continue to beat Street estimates for GMS

growth – and mollify longer-term investors with a sizeable buyback funded by the Depop sale. My full Preview is below.

- CART Q226 Earnings Preview – Does Anyone Care?: I apologize to any CART shareholders for the title of this

Preview, but this quarter I didn’t even attempt to write previews for PINS, SNAP, TTD or DUOL because in my estimation

‘nobody cares.’CART is very close to crossing the ‘nobody cares’ line and thus I still must ask: Does Anyone Care? In

last quarter’s Preview I wrote, “CART grew GTV +14% Y/Y last quarter, its fastest pace in 3 years, the stock popped +9%,

and then seemingly no one really cared. Investor discussions surrounding CART remain muted despite the stock remaining

cheap: 14x Street Adj. EPS and 6.5x Adj. EBITDA (yes, insert SBC discussion here). As such, the question I pose to you is:

when will investors care about sustainable double digit GTV growth? If not now, when?” My full Preview is below.

- JPM Research: META Q226 Limited Visibility into AI Monetization | MSFT Q426 Finding the Right Balance in

Growth | CVNA Q226 Mixed w/ Conservative 2H Guide | TENB Q226 Solid w/Tenable One Momentum | EQIX