JPM Retail Radar Jul

J P M O R G A N Global Markets Strategy 30 July 2026

Correction (first published 29 July 2026) (See disclosures for details)

Retail Radar Jul 29 – Momentum Unwind, Cutting Tech Losses

Retail Trading Activity Overview Equity Strategy and Quantitative Research

• Sentiment deteriorated further this week as retail flows meaningfully Arun Jain AC weakened, reaching their 0.8%ile vs 1y history; this time, retail investors ( aggressively pulled out of single names (3.2%ile, with 4 consecutive days of J.P. Morgan Securities LLC single-stock selling, Figure 10), while only modestly adding exposure to ETFs Shizuka Suga, CFA AC o T S P d k b h u y E v tilIrseacn F D R

(1.6%ile). ( • Within ETFs, Tech saw significant outflows—the second-largest on record, J.P. Morgan Securities LLC behind only the week ending June 10th, Figure 5, driven primarily by SOXL W w O E T F g d n h o u y ltifrseck

(-1.2z, Figure 6). Retail investors also cut exposure to crypto ETFs, led by ltiIaecu m X O R C L S n b v Ana Pous Avila ( BITO (-4.9z). • Single-stock selling was overwhelmingly concentrated in Tech. Hardware J.P. Morgan Securities LLC names took the brunt of the selling, posting their largest weekly selling on William Matheson record, Figure 7. SNDK was the biggest driver (-3.2z), followed by AAPL. In y ltifrsecak W m & H w O E T g n p q d h o u ( broader Semis, MU moved into the most-sold list among retail investors—just J.P. Morgan Securities LLC a few weeks after consistently featuring alongside SNDK among their favorites, Figure 8. In line with this, our Crowding analysis that captures h g v u k y t:lirsecao M m N B R C S Khuram Chaudhry ( broader market positioning quantifies the sharp Semis de-crowding, down to the 91.8%ile from the 99%ile, see report and report, Figure 11. In contrast, the o m w C S g n d itfrseav

J.P. Morgan Securities plc Mag 7 + SPCX saw positive flows overall: NVDA, GOOGL, SPCX and Bhupinder Singh AC TSLA were amongst the top 5 this week, alongside SKHY. Internationally, ( Korea has has undergone an intense period of de-leveraging since mid-June, with the positioning setup now appearing attractive on balance according to our J.P. Morgan Securities LLC

analysts, see report. Dubravko Lakos-Bujas AC ( • The sharp deterioration in retail YTD P&L (Figure 9) may help explain k g v tilIrseacn o & R L P S

why retail investors have been quick to cut Tech exposure as the Semis-led J.P. Morgan Securities LLC Momentum Unwind has weighed on portfolios (see Factor Crowdings and Rotations). Past Issues: ----------------------------------------------------------------------- • As we head into peak-Earnings, investors are focusing on the major 7/29 - Momentum Unwind Accelerates Amid Earnings 7/22 - Momentum Cooldown, Hyperscaler Earnings announcements slated for this week. Retail participation has been limited so 7/15 - Trading Earnings as Flows Cool far, underscoring a deterioration in sentiment, see Single Stock Stories with 7/8 - Split-the-Dip as Momentum Cools 7/1 - Same Playbook, Buying the Dip Elevated Retail Activity: 6/24 - Remembers the Dip, MU Serves Right 6/17 - Tech Craze Spillover to Communications • Retail investors trimmed META, MSFT and QCOM on Wednesday before 6/10 - Tech Selling amidst Drawdown, World Cup 6/3 - MEME Earnings, Trading around IPOs their announcements (-0.6z, 0.8z, and -0.2z, respectively). MSFT’s Cloud 5/27 - Theme Stack: AI, Memory, Space, Quantum unit posted a larger-than-expected increase in sales at +43% y/y, with 5/13 - Software vs Semis Positioning shares rising ~3% in post-market trading. Capex increased +70% y/y to 5/6 - Memory and AI, the Catch-Up Trade 4/29 - Peak Earnings, Peak Mag-7 $41B during the quarter. META narrowed its 2026 capex guidance to 4/22 - Towards a MEME Revival? $130-145B, lifting the low-end from $125B. Revenue for the quarter came 4/15 - Back to Average 4/8 - Not Buying Despite the Ceasefire in line with expectations, but next quarter’s outlook was lackluster. Shares 4/1 - In Defensive Mode fell as much as ~10% in post-market trading after the results were 3/25 - Selling Rips published. QCOM’s earnings missed expectations, but top line was better 3/18 - From FOMO to FOHO: Fear Of…