Silver Sunrise Euro TMT Daily

J.P. Morgan's European TMT daily highlights Soitec's resilience in Silicon Photonics and potential M&A maneuvering by Prosus regarding Delivery Hero. US semiconductor highlights include Broadcom's surging AI order book driven by hyperscalers.

Key Takeaways

• 1.Soitec's Q4 review was well-negotiated, with the Silicon Photonics (SiPho) opportunity continuing to be the primary driver for the shares despite competitive risks.
• 2.Prosus is reportedly considering a temporary increase in its Delivery Hero stake to block potential bids (e.g., Uber) or improve negotiating leverage.
• 3.Broadcom (AVGO) is seeing a massive surge in its AI backlog, revised upward from >$120b to >$150b, driven by Google, Meta, and OpenAI.

Table of Contents

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

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