Credit Calls

J.P. Morgan's daily credit research highlight's Micron's $1tn valuation and the AI-driven structural shift in the memory markets alongside rangebound credit spreads and softer Viasat earnings.

Key Takeaways

• 1.Micron has reached a $1 trillion market cap as AI infrastructure demand shifts pricing power decisively back to memory suppliers, moving the sector from cyclical to a strategic AI bottleneck.
• 2.High-yield bond and loan spreads declined (HY bond yields at 7.15%) following progress on a US-Iran MoU, which could extend a ceasefire by 60 days.
• 3.Viasat reported softer 4Q26 results with a revenue miss ($1.17bn vs $1.2bn est), leading to a rating change for the VSAT 7.5s '31 bonds to Neutral.

Table of Contents

• Feature
• Strategy & Sector Commentary
• Cracking Credit: JPM High Grade & High Yield Chemicals Weekly
• Credit Market Outlook & Strategy: A not yet concerning divergence between credit and equities
• Credit Strategy Weekly Update: High Yield and Leveraged Loan Research
• Electric Utilities & Power: Sparking Credit
• HG & HY Consumer Checkup
• HG & HY Food for Thought
• HG & HY Weekly Register
• High Grade Automotive: Weekly Road Trip
• High Yield Energy: Fracking Credit
• Important Disclosures
• History of Investment Recommendations
• Explanation of Credit Research Valuation Methodology, Ratings and Risk to Ratings
• Other Disclosures
• Legal Entities Disclosures and Country-/Region-Specific Disclosures

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