Welcome to another episode of In Focus, where we explore timely and thematic topics with insights from across J.P. Morgan Global Research. In today's episode, we bring together equity and credit views to examine the AI CapEx theme, which has been a major driver of risk assets.

Speakers:

Bhupinder Singh, US Equity Strategist & Head of Thematic Research

Nathaniel Rosenbaum, Head of US High Grade Credit Strategy

Samantha Azzarello, Head of Content Strategy

This podcast was recorded on May 1, 2026.

This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5252024-0, https://www.jpmm.com/research/content/GPS-5259231-0, and https://www.jpmm.com/research/content/GPS-5271383-0 for more information; please visit www.jpmm.com/research/disclosures for important disclosures. © 2026 JPMorgan Chase & Co. All rights reserved. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. It is strictly prohibited to use or share without prior written consent from J.P. Morgan any research material received from J.P. Morgan or an authorized third-party (“J.P. Morgan Data”) in any third-party artificial intelligence (“AI”) systems or models when such J.P. Morgan Data is accessible by a third-party.