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

03 August 2026

AMKR, STX, PSFE, PTC, XRX, TNET, GDDY, APLD,

CORZ, EDGCOM, CRWV, TRACTC/TRACTD, TITIM,

and UNIT

Last week was volatile, to say the least. The AI trade was a mess at the start of the North America Corporate Credit -

week on concerns about excessive AI spending, circular financing, and Technology and Telecommunication

persistently elevated supply. In the second half of the week, the market took a U- Services (HY)

turn as Citadel’s deal with Situational Awareness helped trigger a relief rally in Thomas Egan, CFA AC

global AI stocks and AMZN reported strong cloud-computing revenue growth, (1-212) 270-2149

easing investor concerns that hyperscalers won’t see a return on elevated AI thomas.j.egan@jpmorgan.com

investments. For more information about last week’s price action and relative Natalie Bilyew-Conn

value in the space, see our team’s latest AI Capex Funding piece here. All the while, (1-212) 270-7734

natalie.bilyew-conn@jpmorgan.com

earnings began for us in full force with AI buildout exposed names AMKR, STX, J.P. Morgan Securities LLC

and APLD all posting strong results. Meanwhile, PTC and GDDY prints were in

line and XRX and TNET appeared to be beats but were skewed by one-time

favorable impacts the market was not anticipating. Additionally, PSFE reported

in-line results alongside an A&E transaction launch for its term loans, and CORZ

reported mixed results alongside a new AMD partnership announcement. In tech

news outside of earnings, Koch reportedly looked to sell the Edged data centers,

CRWV priced its DDTL5.5, and NV Energy filed a lawsuit against Tract, the sister

company of Fleet Data Centers. In telecom, we just had in-line results from TITIM

and a solid print from UNIT.