Broker Research: Sector, Macro and Strategy Notes

HSBC·2026-08-06Sector

AMZN CRWV GOOGL MSFT ORCLHyperscale cloud·OverweightGPU neoclouds·Underweight

Goldman Sachs·2026-08-06Sector

Analog semis·Overweight

Nomura·2026-08-06Sector

China AI compute·Overweight

J.P. Morgan·2026-08-06Macro

Goldman Sachs·2026-08-06Sector

HSBA.L

Morgan Stanley·2026-08-06Sector

MSFTInfrastructure software·OverweightApplication software·Neutral

BofA Securities·2026-08-06Strategy

Global equities·Underweight

J.P. Morgan·2026-08-06Strategy

Momentum·Underweight

Goldman Sachs·2026-08-06Macro

JPY·Neutral

J.P. Morgan·2026-08-06Sector

0823.HK1109.HK1209.HKChina property·Neutral

Bernstein·2026-08-05Sector

J.P. Morgan·2026-08-05Sector

Morgan Stanley·2026-08-05Sector

DDOG MDB MSFT SNOWCloud infrastructure software·Overweight

Bernstein·2026-08-05Sector

SPCX

Goldman Sachs·2026-08-05Macro

J.P. Morgan·2026-08-05Strategy

J.P. Morgan·2026-08-05Sector

601229.SH

Goldman Sachs·2026-08-05Macro

Agency MBS·Overweight

Morgan Stanley·2026-08-05Sector

AVGO BX

Research: Broker notes on sectors, macro, rates and strategy

Cloudnomics: Benchmarking analysis reveals risk and valuation differences

Americas Technology: Semiconductors: SIA data shows mostly above-seasonal trends in June despite softness in some areas

Global AI Trend Tracker: AI Expert Call #71 – China’s SuperPod development

China monthly data outlook: Stabilization still requires absorption

HSBC STAN: China offshore insurance tax reports: separating sentiment from fundamentals

Software: Feedback On Our Assumption

The Flow Show Poor man’s LTCM, rich man’s YCC

European Q-Score: August: Momentum Unwind Fails to Dampen Q-Score Performance

Global Markets Comment: A Few Follow-Up Questions on Yen Intervention

Mainland China HK Property and Conglomerates: Marketing feedback from North America and Australia

European Transport Electric Revolution: Resilience. How are automotive supply chains changing?

European Luxury Goods: Still in flux

Software: New Stack: 2Q26 Hyperscaler Results – Growth Accelerates Again, Raising Expectations for Cloud Infra Software

US Communications Infrastructure: Everybody relax- towers aren't going anywhere, even if Elon gets creative

Global PMI Monitor: DM Services Outperform

Retail Radar Aug 5 – Hyperscaler Earnings Lift Sentiment

China regional banks 2Q26 preview: Fee growth and asset quality to drive divergence

China: Unofficial services PMI fell sharply in July; July inflation preview

Geographic dispersion in HPA: A feature, not a bug

AVGO Credit: TPUs, Take Two?