JPM Tech Sketch

This report provides a Q2 earnings preview for ASEAN internet stocks and highlights sector-wide sentiment concerns in the tech industry.

Key Takeaways

• 1.ASEAN internet stocks (SE, GRAB, GOTO) face de-rating pressures, with analyst favoring GRAB's 2Q26 potential for market-share gains and growth.
• 2.Microsoft is planning a workforce reduction of less than 2.5% of its 220,000-person staff.
• 3.Internet investor sentiment is currently at a multi-year low, driven by specific concerns regarding AI capital expenditure efficiency and potential regulatory or competitive overhangs.

Table of Contents

• SCHILSKY'S SNAPSHOT
• NEWS – DESK COLOR – RESEARCH HIGHLIGHTS
• Wayve Courts Automakers for AVs (re: UBER, LYFT, TSLA, GOOGL)
• MSFT Another -2.5% RIF is Coming
• META Tried Buying Kalshi - Sorta (re: DKNG/FLUT)
• META Loses Bid to Dismiss US State Lawsuits
• Why Internet Stocks Can't Work (Redux)
• JPM TECH RESEARCH
• JPM TMT EVENT CALENDAR
• SCHILSKY'S SENTIMENT MONITORS

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