Portfolio Managers‘ Monthly: U.S. Equity Thematic Research

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Portfolio Managers‘ Monthly: U.S. Equity Thematic Research

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

06 July 2026

Portfolio Managers’ Monthly

U.S. Equity Thematic Research

Discover key market insights, highlighted stories, initiations, rating changes, our Head of North America Equity

Analyst Focus List and Catalyst Watch, all designed to guide your investment Research

decisions. Ken Goldman AC

(1-212) 622-0359

AI Capex 2.0 ken.goldman@jpmorgan.com

Head of North America Equity

Harlan Sur / Jeremy Tonet, CFA; If You Build It, They Will Finance It - Research Product Management

Updated Growth & Capital Markets Forecasts (p 2) William Funke

The financing wave is in full swing. Since we wrote in November, total AI/Data (1-212) 622-2597

Center–related issuance has exceeded $300 billion, with data center–related debt william.c.funke@jpmorgan.com

issuance the single largest driver of near-record debt issuance to start the year. J.P. Morgan Securities LLC

Large Banks DFAST 2026 Review

Vivek Juneja; Sharp Drop in Capital Required for CFG, Followed by FITB,

KEY, Mixed Trends at GSIBs; Dividend Raises Begun (p 3)

Key points: 1) 2026 DFAST results will sharply reduce capital requirements due

to large decline in stress capital buffers (SCB) for some Category IV regionals that

had not participated in last year’s stress test - Citizens Financial, Fifth Third, and

Keycorp in our universe, all of which moved down to the floor.

Quantinuum

Harlan Sur; Strong Technology Roadmap + Heritage From Honeywell and

Execution on Bringing Three Generations of Scalable Trapped Ion Systems

Encouraging; Initiating Overweight with $97 PT (p 4)

We are initiating coverage of Quantinuum (QNT) with an Overweight rating and

December 2027 price target of $97.

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