JPM Asia Tech Tour

J P M O R G A N Asia Pacific Equity Research 25 August 2026

We concluded J.P. Morgan's 11th Asia Tech Tour last week, meeting 37 companies Technology and Telecoms with 115 investors in attendance. The overall message from companies remains Gokul Hariharan AC constructive. Demand appears to be very strong across the GPU and ASIC ( foodchain, and while non-AI demand (industrial, automotive) is also showing some recovery, PC demand appears more resilient than feared, with smartphones J.P. Morgan Securities (Asia Pacific) Limited/ J.P. Morgan Broking (Hong Kong) Limited being the only area of weakness. Within AI, demand appears to be broadening out, Albert Hung AC with Neoclouds (including SpaceX) now representing a new vector of compute ( demand, in addition to strong buying intent from CSPs. Supply remains tight across the foodchain, with key bottlenecks being lead edge foundry, advanced packaging, J.P. Morgan Securities (Taiwan) Limited/ J.P. Morgan Securities (Asia Pacific) Limited/ J.P. substrates and, increasingly, PCBs. Memory demand appears to remain strong Morgan Broking (Hong Kong) Limited despite concerns around despeccing and Memory makers (SEC, SKH, Kioxia, William Yang AC NYT) delivered positive messaging on elongated tightness, keeping prices ( elevated and LTAs smoothening out the cyclicality. The supply response is starting to come through across the foodchain, with incumbents (TSMC, memory, OSAT, J.P. Morgan Securities (Taiwan) Limited

substrate vendors) and newcomers (tier-2 foundries, smaller memory players, Jerry Tsai AC Chinese memory vendors and peripheral OSATs) stepping up their capex spending ( in 2026, with continued growth into 2027. Bottlenecks are now shifting to clean- J.P. Morgan Securities (Taiwan) Limited room capacity and, soon, to lengthening equipment delivery lead times. Clear Jay Kwon AC positive narratives from the Tour were TSMC, ASE, ASPEED, Unimicron, EMC, ( Hon Precision, Hon Hai, while ASIC vendors (Mediatek, Alchip, GUC) remain contentious due to increased competitive concerns (we are OW on all three with J.P. Morgan Securities (Far East) Limited, Seoul Branch Mediatek and Alchip being our top picks) and investor appetite for high-beta commodity sectors (wafers, MLCC) remains muted. Within Asia Tech, we remain Jimmy Huang AC ( positive on SPE names (Hon. Precision, Advantest, Chroma, Tokyo Electron) due to increasing confidence in WPE spending, advanced packaging supply chain J.P. Morgan Securities (Taiwan) Limited (ASE, ASMPT, GPTC, All Ring), IC Substrates (Unimicron) and companies with Sangsik Lee AC higher exposure to the optical/NPO foodchain (Chroma, Hon. Precision). Memory ( remains a contentious area, given ongoing dicussion of despeccing with some dicussion in the Asia server foodchain of AI Labs even exploring 4Hi HBM J.P. Morgan Securities (Far East) Limited, Seoul Branch designs for future ASIC/GPU configurations. Jennifer Hsieh ( • Leading-edge foundry demand strong; price hikes coming through in 8” and parts of mature 12”: Leading-edge demand remains robust, with TSMC J.P. Morgan Securities (Taiwan) Limited building 13 fabs in Taiwan. The capacity planning is informed by direct Anthony Leng engagement with both customers and customers' customers on end demand, ( while also factoring power supply and datacenter construction into the capex decisions. Although Intel competition remains a key investor focus, we believe J.P. Morgan Securities (Taiwan) Limited Intel may secure some project wins in packaging (e.g. EMIB-T for TPU v9); Megan Hsueh however, at the front end we still do not see any major project wins, given the ( technology lag (Intel 18A is comparable to TSMC N3E, and by the time Intel J.P. Morgan Securities (Taiwan) Limited 14A enters mass production in 2028, we expect the TSMC N2 family to already be approaching a $50–60bn revenue run rate) and the typical 3-5year David Chou ( engagement cycle from initial design to mass production. On the mature-node side, demand appears very strong only in selective areas—e.g. Power J.P. Morgan Securities (Taiwan) Limited management, analog, and MCU—while consumer-electronics-related Jason Chen demand remains lackluster, a…