J P M O R G A N Asia Pacific Equity Research 02 November 2026 ASEAN Caravan Blog - Day 7 Tech Hardware: Optical relocation is the new TAM; YTLP rethinks how DCs get funded J.P. Morgan View: We continue to favour selective segments within ASEAN Tech Hardware. Optical datacom is opening a new TAM for the region as Western vendors look to ASEAN for non-China manufacturing capacity. A draft FCC rule banning Chinese transceivers from US data centers adds urgency and, in our view, could push ~US$10bn of reshoring ...