Thoughts Into European Q2 TMT Earnings

This report outlines institutional sentiment and flow observations for the European TMT sector ahead of Q2 earnings. It highlights a bifurcation between AI-linked semicap strength and software sector headwinds.

Key Takeaways

• 1.European TMT earnings are diverging between AI beneficiaries and sectors facing macro or AI-displacement risks.
• 2.Semicap sentiment is improving, with institutional demand noted for ASML, ASM, and BESI due to AI-driven capex.
• 3.Software remains challenged by AI displacement concerns and weak enterprise demand, with specific margin pressure noted at CAP and SAP.

Table of Contents

• TECH
• SEMICAPS
• SOFTWARE
• PAYMENTS
• TELCOS
• MEDIA

Document Preview

Page 1 of 5

Subscribe for full accessStart Free Trial