Technology & Telecom Weekly: SNAP, AMKR, SSNC, GLXY, META, TITIM, ALTICE, UNIT and Trade Ideas

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Technology & Telecom Weekly: SNAP, AMKR, SSNC, GLXY, META, TITIM, ALTICE, UNIT and Trade Ideas

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

27 July 2026

Technology & Telecom Weekly

SNAP, AMKR, SSNC, GLXY, META, TITIM, ALTICE,

UNIT and Trade Ideas

Last week saw a sell-off in HPC-linked bonds as renewed concerns about excessive North America Corporate Credit -

AI spending and expectations of persistently elevated supply weighed on levels. Technology and Telecommunication

Capex hikes at GOOGL and additional supply in both the HY and IG project Services (HY)

finance markets further exacerbated the situation, and investors commanded Thomas Egan, CFA AC

higher yields on both the GLXY and META deals in the market. Additionally, (1-212) 270-2149

SNAP reached a tentative settlement ahead of the second minors’-addiction trial, thomas.j.egan@jpmorgan.com

France approved a social media ban for children under 15, and Fitch lowered the Natalie Bilyew-Conn

outlook on its rating for AMKR from positive to stable on elevated AZ facility (1-212) 270-7734

natalie.bilyew-conn@jpmorgan.com

capex. But not all news in tech was bad, as shortly after the stabilization of Fitch’s J.P. Morgan Securities LLC

rating, NVDA announced a multi-year agreement with AMKR that includes

upfront cash to fund Arizona-based capex, and SSNC posted a solid second quarter

and looked to refinance its upcoming senior notes. Meanwhile, in telecom,

TITIM’s board unanimously approved Poste’s offer, ALTICE formally rejected a

default notice issued by a group of secured creditors, and UNIT launched an offer

to repay debt using proceeds from its latest ABS. Additionally, we've included two

trade ideas from last week’s AFL. For more information, refer to the presentation

replay (here) and slides (here).

Technology: