Credit Calls

Research evidence excerpt

Credit Calls

J P M O R G A N North America Credit Research

06 July 2026

Monday, July 06, 2026

Strategy & Sector Commentary Head of North America Credit

Research and Strategy

Bits, Broadcasts & Bandwidth: Weekly Investment Grade TMT Review AC Tarek Hamid

(Erica R Spear)

(1-212) 834-5468

In today’s TMT weekly, we first offer our thoughts on reports that Meta is tarek.x.hamid@jpmorgan.com

considering creating a business to sell excess compute capacity externally. We then J.P. Morgan Securities LLC

turn to results from Concentrix and FactSet, Comcast’s split announcement, and

more.

Credit Calls is our daily compilation of

• Theme of the Week – No Vacancy:Bloomberg reported yesterday thatMeta research reports from High Grade and

is exploring the creation of an AI infrastructure business that would High Yield corporate credit analysts

enable the firm to sell access to both its AI models and underlying compute and strategists.

capacity, allowing external developers to rent capacity from Meta’s expanding

data center footprint in a manner similar to cloud providers such as AWS,

High Grade Home Page Azure, and Google Cloud, as well as AI infrastructure platforms like

CoreWeave. The reported initiative would create a new revenue stream beyond High Yield Home Page

Meta’s core advertising business and provide another avenue to monetize the Daily Economic Briefing

hundreds of billions of dollars the company is investing in AI infrastructure. Link to US Equity Research Top Stories

Some investors interpreted the report as an indication that Meta may (updated 7:30am)

already be looking to offload excess capacity, ultimately leading to lower

Link to J.P. Morgan Markets page capital spending and possibly a reduced emphasis on the pursuit of