Silver Linings Euro TMT Weekly

研报英文原文证据摘录

Silver Linings Euro TMT Weekly

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 02 August 2026

Scott Silver

+44 207 134 0412

scott.silver@jpmorgan.com

This week ended on a far more constructive note for the AI trade, with green returning to the screen across European semis

and a notable reversal of the aggressive rotation into the AI “loser” basket that dominated the start of the week. While the

speed of the rebound has left some investors questioning whether the move has become a little too aggressive in the short

term, the overwhelming feedback from conversations this week is that the correction was driven far more by positioning and

de-grossing than by any deterioration in fundamentals. If anything, this earnings season has continued to reinforce the

strength of the underlying AI investment cycle, with results across the semi supply chain providing supportive evidence for

the broader AI momentum trade. As a result, investors appear increasingly willing to re-engage with risk, even as we head

into the quieter summer months, although the key debate now is whether this recovery has the legs to continue or whether

another bout of de-grossing lies ahead. For now, sentiment is becoming incrementally more constructive, with many

investors looking to identify high-quality names that were disproportionately punished during the unwind. My preferred

opportunities remain Nokia, ASML, ASM International and STMicro. Away from semis, it has been another busy week for

earnings, and below I’ve summarised my thoughts and the key investor feedback across the most important TMT results.

SEE MY THOUGHTS BELOW ON NOKIA, STM, ASML, ASMI, IFX, SAP, TEF, ORA, VOD, WKL