Technology & Telecom Weekly

研报英文原文证据摘录

Technology & Telecom Weekly

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

20 July 2026

SOFTBK, ELKGVP, WULF, NBIS, CRWV, ZAYO, ILDFP

and ALTICE

North America Corporate Credit -

Technology and Telecommunication

Services (HY)

Thomas Egan, CFA AC

(1-212) 270-2149

thomas.j.egan@jpmorgan.com

Second-quarter earnings started for IG tech last week, bleeding over into our space.

Natalie Bilyew-Conn

IBM pre-released weak results, reigniting software AI disruption concerns, while

(1-212) 270-7734

strong prints from ASML/TSMC pointed toward continued AI infrastructure natalie.bilyew-conn@jpmorgan.com

spending but didn’t do much for already elevated trading levels. In fact, following J.P. Morgan Securities LLC

the prints, analysts began to question high valuations, prompting a rotation out of

the AI trade at the end of the week, further exacerbated by the launch of a new

Chinese model, Kimi K3, that is on par with top-tier US offerings. In the HY space,

HPC news remained topical with ELKGVP parent Prime Datacenters pausing a

holdco deal on lackluster demand and New York pausing permits for large data

centers for a year, a trend likely to continue with data center bills already introduced

in at least 14 states. The neoclouds also remained active, with NBIS signing a

compute deal for Reflection AI, announcing a new product offering, and closing

its first secured debt financing, and CRWV launching its second publicly

syndicated DDTL to fund the purchase of chips to meet its RPO. Finally, S&P

revised SOFTBK’s outlook to stable (from negative), reflecting stabilization in key

credit metrics driven primarily by the sharp appreciation in Arm’s share price. In

telecom, ZAYO announced a CEO change, ILDFP refinanced near term euro