JPM TECH SKETCH: Hyperscaler Capex is Visibly HeROIC (re: AMZN, MSFT, GOOGL, META?), Big GOOGL TPU Order, DIS+ Overhaul, TMUS-DT Merger Stalls

研报英文原文证据摘录

JPM TECH SKETCH: Hyperscaler Capex is Visibly HeROIC (re: AMZN, MSFT, GOOGL, META?), Big GOOGL TPU Order, DIS+ Overhaul, TMUS-DT Merger Stalls

Specialist Sales J P M O R G A N

03 August 2026

people familiar with the matter. Some of T-Mobile’s non-controlling shareholders — generally large institutional investors

— have told the US company that they would oppose a merger with Deutsche Telekom, the people said, a slower-growing

business compared to its American counterpart.”

“Separately, T-Mobile executives have also been told by government officials that regulators — including the powerful

Committee on Foreign Investment in the United States — would likely seek a guarantee that T-Mobile’s US revenue would be

reinvested in or otherwise remain in the country, the people said. The company generated adjusted free cash flow of roughly $18

billion last year, and paid more than $2 billion in dividends to Deutsche Telekom alone.”

DDOG Preview from FundaAI:

FundaAI wrote a DDOG Q226 Earnings Preview. This passage caught my eye: “Overall, channel partners report healthy business

trends. Growth is still led by the traditional three (Infra/APM/Logs), with security and Dev-related products taking over as the

second growth curve, while AI products themselves are still early in their contribution. On the frontier LLM customers, we

understand OpenAI’s 2Q usage declined roughly 10-20% q/q with further optimization ahead, while Anthropic’s 2Q

usage should be quite strong — net net, limited impact on the quarter.”

BABA’s Qwen3.8-Max > Kimi K3:

From Bloomberg: “Alibaba Group Holding Ltd. released its biggest ever AI model, claiming performance on par with global

leader Anthropic PBC in the latest Chinese breakthrough to challenge US rivals. The new Qwen3.8-Max is built on 2.4 trillion