JPM JPM Chips for Break

Joshua Meyers - Specialist Sales - US TMT AC ( North America Specialist Sales JPMORGAN J.P. Morgan Securities LLC 27 July 2026

Storage & AAPL Surveys; Positioning Update; Data Center Watch & Power Flags; AVGO; GLW; News/Reads Joshua Meyers

I’ll shortly send my buyside bars for APH, CDNS, CLS, GLW, KLAC, LRCX & TER. On Friday, I also released a flash survey for Storage earnings (SNDK, STX, WDC); contact me to participate in the survey and I’ll share updates mid-day and tonight with those who participate. Also would love to get your quick expectations on AAPL and I’ll similarly share results later today.

AAPL Buyside Survey (7/30, 4:30pm, call 5pm):

• 3Q26 Revenue (v. $108.6b Guide; $108.85b Bloomberg): • 3Q iPhone rev (v. $53.6b Bloomberg): • 3Q GM (v. 47.5~48.5% Guide; 48% Bloomberg): • 3Q EPS (v. $1.88 Bloomberg): • 4Q Revenue Guide (v. $114.88b Bloomberg): • 4Q GM Guide (v. 47.4% Bloomberg):

Elsewhere, JPM Positioning Intel reported on Friday that their market Tactical Positioning Monitor flipped +ve on light aggregate positioning – historically a supportive setup for equities. It was also a good week for hedge fund performance. John and the team see HFs fading Mag 7 into earnings, and software seeing notable short covering (though positioning remains far below normal). Alas, crowding risks haven‘t fully cleared in semis (L/S is still at the 98th %-tile) and Tech HW (86th %-tile); the positioning unwind has lagged the price unwind: “risks remain, both Geopolitical and Crowding, so we'd expect continued choppiness until earnings provide more clarity on the AI capex trajectory.” Let me know if you want to see his recap.

And quick US market thoughts from Drew Tyler in Market Intelligence… Futures are higher with NDX and RTY outperforming. The pause in MidEast hostilities is the driver as oil prices collapse, bond yields and USD are lower. Watch for a decline in Fed hike pricing as another tailwind for risk assets. Pre-mkt, yields are down 3-4bp as DXY is poised for its worst move in two wks. Cmdtys are being dragged by Energy / Ags with bids in Metals, where Precious is leading Base. In Eqys, Semis are bid with Mag7 pushing higher with 6 of 7 names up at least 1%, pre-mkt. Energy / Staples will start the session in the red but today is setting up as an ‘Everything Rally’. Today’s macro data focus is on Durable / Cap Goods plus Fed regional activity indicators.

Arda Sebuktekin in US Tactical Derivatives Strategy shares an interesting GLW Earnings Downside Risk trade: Buy GLW Aug 140-125 1x2 put spreads for nearly costless (50c net premium, or ~0.3% of ref price 146.41), indicatively. This positions investors

Joshua Meyers - Specialist Sales - US TMT AC ( North America Specialist Sales JPMORGAN JPM: Chips for Breakfast: Storage J.P. Morgan Securities LLC & AAPL Surveys; Positioning Update; Data Center Watch & Power Flags; AVGO; GLW; News/Reads 27 July 2026

for Joe’s more cautious earnings expectations. Despite a 43% drawdown over the past month, the setup into the print still looks demanding: at 25x CY28E (implying ~30x for the optical business), there’s little room for error. With concerns centered on earnings expectations/valuation (while remaining constructive on fundamentals), we prefer 1x2 put spreads for downside into the print and would be comfortable owning GLW at a $110.50 net entry if breached (~81% upside to the $200 Dec ’27 price target). …

• On Monday, Aug 3 at 8am ET, Mio Shikanai hosts a Kioxia 1Q Results Debrief. Please register here. • A reminder that we host Delta Electronics IR Rodney Liu at 9:30pm ET on August 6. You can request a seat here. • On Aug 12, Joe and Harlan will host one my favorite events: our HW & Semis Management Access Forum. We’ll host AAOI, CDNS, LITE, LRCX (with more to come) and panels of optical companies (Ranovus & Avicena) and the 650 Group team for an open dialogue in Palo Alto. Register to join here. • On Aug 26 at 9pm ET Harlan Sur will host a Custom ASIC Deep-dive for Asia investors. Happy for US investors to join if there’s interest. You can register here • August 17-28, Gokul, Jay and the team host their 11th Annual Asia Tech Touracross Taiwan, Korea & Japan. Seats for this very popular…