JPM Retail Radar

J P M O R G A N Global Markets Strategy 05 August 2026

Retail Radar Aug 5 – Hyperscaler Earnings Lift Sentiment

Retail Trading Activity Overview Equity Strategy and Quantitative Research

• Hyperscaler earnings drove a clear shift in sentiment over the past week, Arun Jain AC lifting the S&P 500 to new highs as Tech rebounded, and putting the ( Momentum Unwind on pause. Retail flows remained muted (4.4%ile vs 1Y, J.P. Morgan Securities LLC up from 0.8%ile last week): single stocks were net sold at roughly the same Shizuka Suga, CFA AC pace (3.6%ile, from 3.2%ile), while ETF inflows were healthier (38.5%ile, ( from 1.6%ile). The key difference is that single-stock selling reflected profit- taking in hyperscalers and software as their prices surged post-earnings; net J.P. Morgan Securities LLC buying otherwise resumed in Memory and Semis, along with Tech ETFs— Ana Pous Avila signaling that retail investors may be ready to re-engage with the AI trade. ( • This week, retail investors were net sellers of single-name equities, trimming J.P. Morgan Securities LLC exposure for 4 consecutive days, Figure 5. Interestingly, flows were mostly d h u y o v tilIrfseacn k P S F E T R D

William Matheson positive intraday (e.g. Figure 6 as of 12.30pm), but reversed in the S m k h u y d o v ,.tilIrfseacn 2 3 0 p P F E T R 1

( afternoon, ending in net selling. This contrasts with the July 27th-29th de- risking episode, when retail was net selling during the day as well as into the J.P. Morgan Securities LLC close, Figure 5 and Figure 6. tilIrfseacn o F E S D R T P d k h u y v d R o v ,.tilIrfseacn k h u T E F S y P p 0 3 2 m 1 Khuram Chaudhry ( • The optimism and performance fueled by last week’s hyperscaler earnings announcements were the key drivers of net selling in single J.P. Morgan Securities plc names, consistent with retail investors locking in gains, see Macro & Bhupinder Singh AC Fundamental Stories. Activity was concentrated in hyperscalers and softwares, ( largely reflecting position trimming after sharp post-earnings moves: J.P. Morgan Securities LLC

• Software recorded its largest weekly retail outflows on record, Figure Dubravko Lakos-Bujas AC 3, led by MSFT and PLTR, alongside CRWV and IREN. Specifically, retail & W w O .ltifrseackyuovhgndS ( outflows in MSFT on Jul 30 were the largest on record (-4.2z vs 1 year J.P. Morgan Securities LLC history) while retail investors purchased PLTR on the day of announcement (1.6z), before taking profit at the fastest pace in nearly a year on Aug 4 Past Issues: (-4.0z, Figure 33). m R C T L P n b v ltiIaecu ----------------------------------------------------------------------- 7/29 - Momentum Unwind, Cutting Tech Losses • Within hyperscalers, net selling was pronounced in AMZN (-2.4z over 7/22 - Momentum Cooldown, Hyperscaler Earnings 7/15 - Trading Earnings as Flows Cool the week), MSFT (-3.0z), and GOOG (-1.2z), with flows slightly more 7/8 - Split-the-Dip as Momentum Cools positive in META (0.7z). MSFT and AMZN ranked as the two most sold 7/1 - Same Playbook, Buying the Dip 6/24 - Remembers the Dip, MU Serves Right stocks this week; AMZN (Figure 36) was the last of the hyperscalers to tilIeacb n Z R A N m M

6/17 - Tech Craze Spillover to Communications report, with the stock up ~17% in the last week as it posted the fastest AWS 6/10 - Tech Selling amidst Drawdown, World Cup growth in 18 quarters, while backlog increased nearly 2.5x y/y on stronger 6/3 - MEME Earnings, Trading around IPOs 5/27 - Theme Stack: AI, Memory, Space, Quantum AI demand and the capex outlook was increased to ~$220B (link). 5/13 - Software vs Semis Positioning 5/6 - Memory and AI, the Catch-Up Trade • Meanwhile, the Hardware and Memory theme is back in favor after a 4/29 - Peak Earnings, Peak Mag-7 brief pause: inflows resumed, driven by SNDK (1.4z) and AAPL (1.9z), 4/22 - Towards a MEME Revival? 4/15 - Back to Average with Wednesday bringing 1.2z of pre-earnings buying to SNDK. Within 4/8 - Not Buying Despite the Ceasefire broader Semis, MU received healthy inflows (0.6z) while AMD saw strong 4/1 - In Defensive Mode buying-the-dip activity, ending Wednesday as the top-bought name (3.0z) 3/25 - Selling Rips 3/18 - From…