J P M O R G A N • Meta's Jun-Q cash CAPEX came in at ~$30bn (+59%/+82% QoQ/YoY), Technology - Hardware Albert Hung AC (886-2) 2725-9875 albert.hung@jpmchase.com J.P. Morgan Securities (Taiwan) Limited/ J.P. Morgan Securities (Asia Pacific) Limited/ J.P. Morgan Broking (Hong Kong) Limited Anthony Leng Asia Pacific Equity Research 30 July 2026 PCs and Servers Read-through from Microsoft/Meta Jun-26 earnings Microsoft (OW, covered by J.P. Morgan US Enterprise Software Analyst Samik Chatterjee) and Meta (Neutra ...