Credit Calls

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Credit Calls

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

29 July 2026

Wednesday, July 29, 2026

Feature Head of North America Credit

Research and Strategy

Applied Digital: Alot Of Irons In The Forge (Thomas Egan, CFA) AC Tarek Hamid

Applied Digital (APLD) – Posted minimal updates in its latest earnings print.

(1-212) 834-5468

Applied beat estimates on both the top and bottom line for F4Q26 (ended May tarek.x.hamid@jpmorgan.com

2026), reporting revenue and EBITDA of $259mn (vs. $95mn Street) and $42mn J.P. Morgan Securities LLC

(vs. $25mn Street), respectively. Further, APLD accelerated its $1bn run-rate NOI

goal by three years and now expects to reach this milestone a year from now

(having now contracted $2bn+ of annual NOI). Credit Calls is our daily compilation of

research reports from High Grade and

Boeing Company: Remain Overweight Following 2Q26 Results; BA 30-year High Yield corporate credit analysts

Fair Value Target T+85bp (Yilma Abebe) and strategists.

Credit View: Boeing’s (BA) second quarter results were solid with cash flow

ahead of expectations. The company’s top line growth was primarily driven by its High Grade Home Page

commercial airplanes business as well as the continued stabilization and growth of

High Yield Home Pagethe defense business. We expect BA’s balance sheet to continue to heal, driven by

production rate increases on key platforms and operational improvements leading Daily Economic Briefing

to increased cash flow generation. Remain Overweight the Boeing credit. We Link to US Equity Research Top Stories

see fair value for Boeing 30-year risk at T+85bp. (updated 7:30am)

Link to J.P. Morgan Markets page

First Quantum Minerals Ltd: 2Q26 EBITDA Beat, Hedge Program Complete Send your feedback!