Silver Sunrise Euro TMT Daily

Daily TMT commentary focusing on Soitec's soft FY26 margin guidance and Capgemini's AI-focused mid-term targets. Macro attention is centered on a potential US-Iran deal and a record-breaking MSCI rebalance.

Key Takeaways

• 1.Soitec reported Q4 sales 5% ahead of consensus, but FY26 margins are expected to be significantly softer (16.3% vs 20.2% expected) due to underloading and price/mix headwinds.
• 2.Capgemini's Capital Markets Day (CMD) framed AI as a structural growth opportunity, targeting a mid-term organic growth CAGR of ~4.5% for 2025-2028.
• 3.Friday’s MSCI rebalance is expected to be the largest ever at ~$303bn, with significant sell pressure on Nvidia (~$11bn) and large buy demand for Apple (~$3.1bn) and Microsoft (~$2.9bn).

Table of Contents

• EU TMT TODAY
• QUICK SILVER : SNIPPETS
• Events
• Global TMT Content
• Key Research / Comments
• Key Global TMT Research
• Trading Recap
• Macro Research
• J.P. Morgan TMT Events
• J.P. Morgan TMT Contacts

Document Preview

Page 1 of 5

Subscribe for full accessStart Free Trial