US Hardware / Semiconductors Sector Specialist Commentary: APh, ARM, FLEX, LRCX, QCOM, TER, Samsung, Today‘s News

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US Hardware / Semiconductors Sector Specialist Commentary: APh, ARM, FLEX, LRCX, QCOM, TER, Samsung, Today‘s 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 30 July 2026

APH, ARM, FLEX, LRCX, QCOM, TER, Samsung, Today’s News

Joshua Meyers

+1 617 310 0767

joshua.meyers@jpmorgan.com

I had a quick chat with Jay Kwon on his Samsung callback, where he was surprised at the level of transparency around LTAs. The

company sounds optimistic on trends, pricing and prepayment. They’re making progress signing the 5 big hyperscalers and don’t

wan to be focused just on the few big folks, and they sound optimistic on both pricing and prepayment (relative to peers). Not

only are LTAs designed to provide mutual disclosure that informs investment decisions, but they are also annually renewable –

opening a possibility (don’t laugh at me) that they become permanent. A majority of these LTAs include NAND, and some (like

the one AVGO just signed) includes some foundry. The team sounded still positive in NAND price increases, and were dismissive

of the TrendForce report people are talking about. Duncan’s Off The Call note is a helpful place to start on Samsung results. LMK

if you want to connect with him!

Quick US market thoughts from Drew Tyler in Market Intelligence… Futures are higher following yesterday’s Fed-induced

meltdown; the market appears to be questioning Warsh’s credibility and potential usage of non-standard tools to fight inflation

pushing the yield curve to twist steeper. Pre-mkt, the yield curve is seeing further twist-steepening with 10s and 30s up 1 and 3bp

with 2s down 1bp. USD deterioration continues following its worst day in 4 weeks.