Credit Calls

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Credit Calls

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

28 July 2026

Tuesday, July 28, 2026

Feature Head of North America Credit

Research and Strategy

Snap Inc.: Oh Snap! We Are Initiating at Neutral (Thomas Egan, CFA) AC Tarek Hamid

Initiating coverage of SNAP at Neutral. The business faces long-term threats:

(1-212) 834-5468

competition, obsolescence and regulation. But we can’t become bears just yet as tarek.x.hamid@jpmorgan.com

ample cash generation bolsters the balance sheet, giving the business options to J.P. Morgan Securities LLC

counteract incoming headwinds.

Amkor Technology: AI Tailwinds Support Earnings as Capex Cycle Credit Calls is our daily compilation of

Accelerates (Thomas Egan, CFA) research reports from High Grade and

Amkor continues to benefit from AI/HPC tailwinds, improving utilization, High Yield corporate credit analysts

and deepening strategic customer partnerships as it enters a heavy and strategists.

investment cycle. The quarter reinforced the credit-positive demand backdrop for

Advanced Packaging, with record revenue in Computing and Automotive/ High Grade Home Page

Industrial, strategic agreements with TSMC and NVIDIA, and Phase I of Arizona

High Yield Home Pagenow described as fully committed. However, the story remains capital intensive:

management reiterated $2.5–$3.0bn of 2026 capex, mostly tied to facilities Daily Economic Briefing

expansion, with Arizona ramp costs likely to weigh on margins in 2027/2028. Link to US Equity Research Top Stories

(updated 7:30am)

Strategy & Sector Commentary Link to J.P. Morgan Markets page

Bits, Broadcasts & Bandwidth: Weekly Investment Grade TMT Review Send your feedback!

(Erica R Spear)

In today’s TMT weekly, we first discuss Alphabet’s complicated 2Q print before