Bits, Broadcasts & Bandwidth: Weekly Investment Grade TMT Review

Research evidence excerpt

Bits, Broadcasts & Bandwidth: Weekly Investment Grade TMT Review

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

17 July 2026

Bits, Broadcasts & Bandwidth

Weekly Investment Grade TMT Review

North American Corporate Credit –

Tech, Media, & Telecom (IG)

Erica R Spear AC

(1-212) 834-4143

erica.spear@jpmchase.com

In today’s TMT weekly, we first discuss the index implications from the wave of Quinn Degen

hyperscaler issuance before turning to some ratings changes, Uber’s Delivery Hero (1-212) 270-0091

roger.degen@jpmchase.com

acquisition, legal action against PSKY and WBD, and more. J.P. Morgan Securities LLC

• Theme of the Week – Growing Pains: On Tuesday, our IG Strategists

published a note that explores whether the wave of AI-driven hyperscaler

issuance is beginning to overwhelm the IG market and concludes that • TMT Reference Sheet (14 July)

concerns around issuer concentration are likely overstated. While recent • IG TMT Weekly (10 July)

primary deals have struggled and spreads have widened meaningfully, they • 2026 Mid-Year Outlook (7 July)

argue this reflects investors repricing a structurally higher and less predictable • Project Finance 101 (7 July)

supply environment rather than insurers running up against single-issuer • IG TMT Weekly (2 July)

concentration limits. The note highlights that today’s IG market is considerably • Comcast Split (29 June)

less concentrated than in prior cycles, estimates that the major hyperscalers • AI Capex 2.0 Webinar (25 June)

could collectively issue ~$1.7tn of additional debt before approaching a • AI Capex 2.0 (17 June)

theoretical 3% index weight, and points out that insurers entered the year • IG TMT Weekly (5 June)

underweight the sector while benefiting from growing invested assets and • Ad Market Update (2 June)