U.S. FIRST TO MARKET

Research evidence excerpt

U.S. FIRST TO MARKET

Ken Goldman AC North America Equity Research

(1-212) 622-0359 18 June 2026 J P M O R G A N

ken.goldman@jpmorgan.com

Thoughts into JPM’s 11th Annual Energy, Utilities and Power Conference; Looking for POWERful

Updates Across Coverage: VST, WMB & LNG Most Requested

Live from NY, the 11th annual JPM Natural Resources Conference will take place on June 23-24, featuring 143 corporates

covered in our updated Question Bank. Across the conference, VST, WMB, LNG, TLN, CEG represent five of the top six most

requested companies, with NEE leading utility requests. On the utilities side, we look for directional commentary on large load/

data center capex opportunities, with attention on affordability and political/regulatory risks amid primary season and the

upcoming midterm election season.

Mentions

Food Producers and Retailers (Thomas Palmer, CFA)

Oh SNAP! Assessing Changes at the State Level and the Implications for the Group

Above the Line – US Food Retailers (Thomas Palmer, CFA/Christopher Horvers, CFA)

Deep Dive into Key Numerator Trends for Supermarkets, Mass Merchants, Club Stores, etc.

J.P. Morgan/Chase Auto Annual Franchise Dealership Survey (Rajat Gupta)

Results Show Growing Pessimism on Volumes, P&S and New GPU; Digital Auction Penetration

Robust (ACVA Seeing Traction Again); AI Adoption Growing; EV P&S Skepticism Rising

CarMax (Rajat Gupta) (KMX, UW, PT $38.00)

F1Q27 Wrap: Signs of Progress, Though Early to Once Again Extrapolate a 1Q Beat; Early 2Q

Signals Key to Watch For Sustained Recovery; Remain UW, $38 PT

Internet Infrastructure (Alexei Gogolev)

Investor Positioning and Focuses for VRSN, WIX, and GDDY

Shopify (Bryan M. Smilek) (SHOP, OW, PT $150.00)

Spring 2026 Editions Highlights AI Product Momentum for Merchants, Developers, & Shoppers;