JPM Daily Credit Strategy Update: The case for hyperscaler valuations is falling on issuance-filled ears

研报英文原文证据摘录

JPM Daily Credit Strategy Update: The case for hyperscaler valuations is falling on issuance-filled ears

Nathaniel Rosenbaum, CFA AC (1-212) 834-2370 Pavan D Talreja, CFA (1-212) 834-2051 North America Credit Research J P M O R G A Nnathaniel.rosenbaum@jpmorgan.com pavan.talreja@jpmchase.com

J.P. Morgan Securities LLC J.P. Morgan Securities LLC 27 July 2026

Silvi Mantri (1-212) 834-7239

silvi.mantri@jpmchase.com

J.P. Morgan Securities LLC

JPM Daily Credit Strategy Update

The case for hyperscaler valuations is falling on issuance-filled ears

Before getting to markets, we just want to say thank you to our readership for participating in the Extel survey. Please do

always feel free to reach out with questions or feedback throughout the rest of the year, we’re constantly striving to refine

and improve our research products and the best ideas tend to come from your questions.

On Friday, we published our latest Credit Market Outlook & Strategy; the overview is below:

It remains a tale of two markets in IG, with another week of slightly wider overall spreads and significantly wider hyperscaler

spreads. Our view last to last week to start scaling into hyperscalers was clearly wrong thus far, though we outlined earnings as

the potential catalyst and the bulk of these are this coming week so we are sticking with the view for now and walk through some

more valuation thoughts below.

Starting with the bigger picture, JULI widened 3bp to 94bp last week, split between hyperscalers +16bp last week to 151bp vs ex-

hyperscalers just +1bp to 91bp. In other words, hyperscalers offer a 61% spread pickup versus the rest of the market currently.

Another way to think about this is from a DTS standpoint (duration times spread), which we show below. Hyperscalers make up