Credit Calls

Research evidence excerpt

Credit Calls

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

20 July 2026

Monday, July 20, 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 discuss the index implications from the wave of tarek.x.hamid@jpmorgan.com

hyperscaler issuance before turning to some ratings changes, Uber’s Delivery Hero J.P. Morgan Securities LLC

acquisition, legal action against PSKY and WBD, and more.

• Theme of the Week – Growing Pains: On Tuesday, our IG Strategists Credit Calls is our daily compilation of

published a note that explores whether the wave of AI-driven hyperscaler research reports from High Grade and

issuance is beginning to overwhelm the IG market and concludes that High Yield corporate credit analysts

concerns around issuer concentration are likely overstated. While recent and strategists.

primary deals have struggled and spreads have widened meaningfully, they

argue this reflects investors repricing a structurally higher and less predictable

High Grade Home Page supply environment rather than insurers running up against single-issuer

concentration limits. The note highlights that today’s IG market is considerably High Yield Home Page

less concentrated than in prior cycles, estimates that the major hyperscalers Daily Economic Briefing

could collectively issue ~$1.7tn of additional debt before approaching a Link to US Equity Research Top Stories

theoretical 3% index weight, and points out that insurers entered the year (updated 7:30am)

underweight the sector while benefiting from growing invested assets and

Link to J.P. Morgan Markets page stronger demand for public IG credit.