JPM | APAC THEMATICS - Tech Returns: Hyperscalers lead / APAC Tech Spend Survey: Where, why and how much / HF Positioning: Extremes are now in Japan Exporters (high) & China Internet (low).. not Tech.

研报英文原文证据摘录

JPM | APAC THEMATICS - Tech Returns: Hyperscalers lead / APAC Tech Spend Survey: Where, why and how much / HF Positioning: Extremes are now in Japan Exporters (high) & China Internet (low).. not Tech.

Specialist Sales

APAC Specialist Sales J P M O R G A N

03 August 2026

JPM | APAC THEMATICS - Tech Returns: Hyperscalers lead /

APAC Tech Spend Survey: Where, why and how much / HF

Positioning: Extremes are now in Japan Exporters (high) & China

Internet (low).. not Tech.

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. Remains very constructive with Amazon, Google & Microsoft all +5%

overnight, outperforming the SOX +1%. Investors are starting to discount a world where the AI “share of spoils” gets split

more evenly - not just concentrating in the capex build out plays, but spreading out to the hyperscalers providing the

compute too. That’s healthy for markets.

What to know what APAC companies are doing in AI? We thought so. As a result, Sid & Hannah did an extensive survey of

companies (over 300 APAC companies with mcap >$5tr) - giving a comprehensive view of trends on AI spend, adoption,

motivations, scaling challenges & business impact. Overall, the message is positive… AI spend is expected to rise from 4.5%

of expenses/capex last year, to 5.8% this year.

HF positioning extremes are no longer in tech. While tech positioning has normalised (e.g. Taiwan Semis & AI Supply

Chain back in the low 60%ile range).. extremes exist elsewhere. On the long side, positioning is high in Japan Exporters

(99%ile) - and vulnerable to an unwind amid JPY intervention. On the flip side, China internet (15%ile) is low & the sector