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研报英文原文证据摘录

Scott Silver - Specialist Sales - European TMT AC (44-20) 7134-0412

J.P. Morgan Securities plc

Europe Specialist Sales

JPMORGAN

10 August 2026

Silver Sunrise Euro TMT Daily

Scott Silver

RESEARCH SNIPPETS

CTS Eventim - Q226 Preview: Underlying momentum intact with FY26 EBITDA unchanged - focus on LA28 and Live

phasing- Lara Simpson Read Full Note Here

J.P. Morgan European Internet Guidebook - - Marcus Diebel Read Full Note Here

Equity Strategy: Stay bullish on equities; Cyclicals are rallying past Low Vol stocks again Read Full Note Here

QUICK SILVER: SNIPPETS

SILVER LININGS: Last week has felt like another where technicals and positioning have mattered more than

fundamentals, with some pretty extreme moves along the way. Interestingly, we’re also starting to see semis and

software work on the same day, something that has been noticeably absent for much of this year. The debate now is

how sustainable the “AI loser” recovery really is: have fundamentals materially improved, or are we simply seeing

money move back into names where sentiment and positioning had become too depressed? I’ve had a lot of

conversations this week, particularly across semis following the virtual roundtable I hosted with investors from Asia, the

US and Europe. The tone has undoubtedly improved after the recent volatility and, while positioning remains

relatively light, there appears to be a growing willingness to re-gross into the trade — or at least confidence that the

fundamental backdrop remains healthy heading into September. Elsewhere, Infineon, AutoTrader and Scout24 dominated

stock-specific discussions, while European telcos produced some pretty strange price action as heavily shorted names

outperformed the traditional longs - Read Full Note HERE

Optical Investor Events at ECOC 2026 | Málaga, Spain | September 22 - RSVP HERE

Upcoming Events

US All Stars Conference is taking place on the 22nd and 23rd of September. In Tech we've Analog Devices, ARM Holding,

Cisco Systems, Coherent, Texas Instruments and Verisek Analytics attending. Registration link is here: https://

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