Lingering Risks from the Drawdown; Optical Previews/Buyside Survey Results; AXON; CDW; GFS; IONQ; MSI; SNDK; VSH

研报英文原文证据摘录

Joshua Meyers - Specialist Sales - US TMT AC (1-617) 310 0767

J.P. Morgan Securities LLC

North America Specialist Sales

JPMORGAN

06 August 2026

Lingering Risks from the Drawdown; Optical Previews/Buyside Survey Results; AXON;

CDW; GFS; IONQ; MSI; SNDK; VSH

Joshua Meyers

Yesterday Mark Schilsky and I hosted a call with an all star cast of JPM experts - Tarek Hamid, Erica Spear, Scott Reeder, John

Schlegel and Bram Kaplan – digging into recent tech volatility through the lens of Flows, Spreads, & CDS. Reach out for my

I've shared a suspicion that it can be harder to buy when your index is down 30% than when it's down 10%. Today well-watched

JPM Strategist Nikolaos Panigirtzoglou notes today that TMT Equity Sector hedge funds (ex-SALP) lost an unprecedented

10.2% in July, marking the worst monthly drawdown on record for the sector; Multi Strats were down an average -2.3%

(fourth-worst episode in history, comparable to Lehman, the dot-com bust, and COVID). The severity of losses raises hard

questions about risk management failures: concentration in semis/memory, mishandled vol/correlation in options, and inadequate

stress-testing of margin/liquidity dynamics. Structurally, the AUM hit mechanically shrinks risk budgets, and if prime

brokers also pull back balance sheet, the capacity of these funds to hold tech is durably reduced — making the tech trade

increasingly dependent on retail flows via leveraged ETFs, retail options, and margin accounts, and thus more volatile. He also

explores the risk of FOMC policy uncertainty (and elevated credibility concerns) to push term premia higher.

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