JPMorgan Asia Technology Tracker

This Asia Technology Tracker from JPMorgan focuses on two threads: the US executive order restricting procurement of certain foreign-made grid equipment, and the AI semiconductor outlook after Broadcom's July-quarter (F3Q) results. An expert call judged that Chinese transmission-equipment exports to the US will be hit significantly—orders are being reviewed, renegotiated and suspended, without mass cancellations so far—while new orders stay pressured until the Department of Energy finalizes implementing rules within 120 days; the order may become a US–China bargaining chip. China holds a teens-plus-percent share of US high-voltage transformers for data centers, so restrictions could lengthen lead times and raise prices; sub-69kV equipment and off-grid generation are unaffected. Korean names—LS Electric and Hyundai Electric best placed—should gain share and pricing, with read-throughs to Hitachi, CG Power and GE Vernova T&D India (all OW). Broadcom formally guided AI semiconductor revenue to roughly $115bn in FY27 and $230bn in FY28 (about $58bn in FY26), with supply locked and implied unconstrained demand above $145bn and $270bn respectively; JPMorgan reiterates Overweight, December 2027 target $580 (about 25x CY27 EPS of $23.60). In Japan, Fujitsu's target rises to ¥4,700 and NEC's to ¥5,800 (both OW, end-2027); Shimadzu stays OW after a neutral management meeting. No rating or estimate changes this week; valuations as of September 3, 2026.