J.P. Morgan U.S. FTM 30 Jun 26 Chinese AI Models Catching Up, Vulnerabilities Accelerating; ARMK and More

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J.P. Morgan U.S. FTM 30 Jun 26 Chinese AI Models Catching Up, Vulnerabilities Accelerating; ARMK and More

North America Equity Research

U.S. First to Market 30 June 2026

Top Stories

| AFL | Chinese AI Models Catching Up, Vulnerabilities Accelerating (Brian Essex, CFA)

Adding TENB to Analyst Focus List, Upgrading QLYS to Neutral, CRWD and PANW Remain Well

Positioned for Incremental Demand

Chinese models are catching up; demand poised to accelerate. In our April note on Project Glasswing, we walked through

Anthropic's frontier-AI vulnerability discovery launch and concluded the resilience factors across our preferred names remained

intact, with CRWD and PANW best positioned as essential defensive layers rather than disruption targets. The picture has

moved since. Open-weight Chinese AI models are closing the gap with frontier models in vulnerability discovery capabilities.

AFL | Aramark (Andrew C. Steinerman) (ARMK, OW)

Data Center Vertical Adds Incremental Growth and Margin to ARMK’s Already Strong Portfolio

In April, Aramark (ARMK) launched a new line of business called Nexus to serve the growing demand for comprehensive food,

facilities, and community services at large-scale, remote data center campuses. Since being launched, Nexus has already

signed two contracts of >$100mm with a leading hyperscaler. In our view, Nexus represents a credible, incremental new

business opportunity for a company that is already executing well on its medium-term revenue target of +5-8% organic,

constant currency (o/cc) growth per year.

Mentions

Disney (David Karnovsky, CFA) (DIS, OW, PT $140.00)

F3Q Preview: Focus Remains on Parks Growth and SVOD Progression; Guide Raise May Be

Contingent on Theatrical

Albertsons (Thomas Palmer, CFA) (ACI, OW, PT $20.00)