JPM | APAC THEMATICS - Hyperscaler: Price action tells you what’s not yet discounted / China Internet: +ive read through / JPY: Coordinated intervention, note elevated JPY shorts / EQ Positioning: Attractive setup: APAC Market Thematics - Specialist Sales Commentary Thematics > Macro > Strategy

研报英文原文证据摘录

JPM | APAC THEMATICS - Hyperscaler: Price action tells you what’s not yet discounted / China Internet: +ive read through / JPY: Coordinated intervention, note elevated JPY shorts / EQ Positioning: Attractive setup: APAC Market Thematics - Specialist Sales Commentary Thematics > Macro > Strategy

Specialist Sales

APAC Specialist Sales J P M O R G A N

03 August 2026

JPM | APAC THEMATICS - Hyperscaler: Price action tells you

what’s not yet discounted / China Internet: +ive read through /

JPY: Coordinated intervention, note elevated JPY shorts / EQ

Positioning: Attractive setup

Matthew See

+852 2800 8889

matthew.see@jpmorgan.com

APAC Thematics focuses on key macro views, market debates, and favoured investment themes.

THE BIG PICTURE: Hyperscale price action. Post results price action from AMZN+14% and MSFT+15% tells you a

sustained acceleration in hyperscaler growth is not yet discounted. But it’s occuring - with 2Q rev growth accelerating and

backlog growth booming (now $1.7tr). Of note, net ARRs for AWS, Azure & Google Cloud all saw 2Q net ARRs >60% above

the prior quarter highs. As strong compute growth runs up against shortages... pricing power is starting to accrue to those

who have it.

China internet… positive read throughs but with caveats. We believe China’s hyperscalers like Alibaba are also on the

verge of a multi year EPS upcycle, as AI compute ramps. But unlike the US hyperscalers who are delivering here and now -

Alibaba & peers remains a “show me” story around EPS execution. After 5 years of no earnings growth… investors get the

BABA thesis, but want proof of monetization

Dollar/Yen… coordinated intervention. Japan’s MoF and the US Treasury intervened in the JPY market on Friday, a first

coordinated action since 1998.