Bits, Broadcasts & Bandwidth: Weekly Investment Grade TMT Review

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Bits, Broadcasts & Bandwidth: Weekly Investment Grade TMT Review

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

10 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 a choppy week for Tech spreads as well as Quinn Degen

our 2026 Mid-Year Outlook before turning to a variety of headlines from the week. (1-212) 270-0091

roger.degen@jpmchase.com

• Theme of the Week – Keep the Tab Open: Trading activity in the hyperscaler J.P. Morgan Securities LLC

structures this week further reinforced the fact that supply, rather than

fundamentals, is increasingly driving day-to-day spread performance.

Amazon’s $25bn eight-tranche transaction on Tuesday took the market by • 2026 Mid-Year Outlook (7 July)

surprise and reinforced a growing concern among investors that there is • Project Finance 101 (7 July)

little visibility into when the next large financing will arrive or how much • IG TMT Weekly (2 July)

capital these companies ultimately intend to raise. As AI investment • Comcast Split (29 June)

continues to accelerate, investors are increasingly being asked to absorb • AI Capex 2.0 Webinar (25 June)

successive waves of supply with limited transparency around future funding • AI Capex 2.0 (17 June)

plans. YTD, the hyperscalers have already issued $132bn of senior unsecured • IG TMT Weekly (5 June)

bonds in the US, alongside ~$26bn of project finance debt, substantial issuance • Ad Market Update (2 June)

across overseas markets and additional bank financing, yet there is little • IG TMT Weekly (29 May)

indication that funding needs are beginning to slow. While balance sheets • TMC Recap (22 May)