Silver Linings Euro TMT Weekly

A weekly commentary from J.P. Morgan's TMT specialist sales desk highlighting high-conviction ideas in Nokia, Infineon, and BT, alongside sector thoughts on French Telco consolidation and AI threats to software.

Key Takeaways

• 1.Nokia is viewed as an undervalued AI infrastructure play, recently added to JPM's EMEA Conviction Call List due to an underestimated earnings inflection.
• 2.Infineon's medium-term outlook is strengthening with AI revenue targets seen as conservative, potentially leading to 20%+ upside to FY27 estimates.
• 3.European Telco interest is accelerating, specifically focused on French market consolidation and upcoming results from Vodafone, Deutsche Telekom, and BT.

Table of Contents

• Idea of the Week
• Feedback & Thoughts
• EU SEMIS
• EU TELCO
• EU SOFTWARE
• EU MEDIA
• Save the Date: J.P.Morgan Events
• J.P. Morgan TMT Contacts

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