Core Viewpoint - Alphabet Inc. has successfully raised nearly $32 billion in debt within 24 hours to support its artificial intelligence initiatives, achieving record corporate bond sales in both the sterling and Swiss franc markets [1][2]. Group 1: Debt Issuance Details - The debt issuance included the largest-ever corporate bond sales in the sterling and Swiss franc markets, following a $20 billion debt sale on Monday [2]. - The sterling offering featured a rare 100-year note, marking the first such sale by a technology firm since the dot-com era [2][10]. - The 100-year bond attracted nearly 10 times the orders for the £1 billion ($1.4 billion) available, pricing at just 1.2 percentage points above 10-year UK government bonds [3]. Group 2: Market Demand and Investor Interest - High demand was noted across the deals, with a wide range of maturities appealing to various investors, including asset managers, hedge funds, pension funds, and insurers [4]. - The overall borrowing needs of tech firms, particularly in AI, have led to significant interest from investors, with Alphabet's capital expenditures projected to reach $185 billion this year, double last year's spending [5]. Group 3: Industry Context and Comparisons - Other tech companies, such as Oracle, Meta Platforms, and Microsoft, have also announced substantial spending plans, with Morgan Stanley predicting borrowing by cloud-computing firms to reach $400 billion this year [6]. - Alphabet's recent moves to diversify its debt-raising efforts included tapping the euro bond market, where it raised €6.5 billion ($7.7 billion) [13]. Group 4: Concerns and Market Dynamics - The significant borrowing by major tech firms has raised concerns regarding potential pressure on bond valuations, as these securities are considered expensive by historical standards [8]. - Investor apprehensions about the sustainability of the AI boom and its impact on related sectors, such as Software-as-a-Service, have been noted [8].

told directors — including CEO David Solomon — that it was time to stop treating India as a future growth story. Inflation had stabilized, banks had reduced bad loans and corporate balance sheets were the strongest in decades. After some debate, Chatterjee won out. For the Wall Street giant, which for years played on the fringes of Indian dealmaking, the dramatic shift is starting to bear fruit. Goldman vaulted to fourth in Indian equity offerings last year — after never ranking in the top five over the pa ...

Question-and-Answer SessionAbsolutely. So you're going to be following up a bunch of really bullish presentations this morning. So we're excited to hear from you. So speaking of which the lion's share of investors sitting in this room today and listening in are positioned for a capital markets renaissance of sorts in 2026. What stage are we in with regard to capital markets activity for this upcycle?Troy RohrbaughCo- CEO of Commercial & Investment Bank Sure. I mean you should rename it not big bank morning, ...

Core Viewpoint - The market's expectations regarding the short-term disruption of the software industry by artificial intelligence (AI) are overly pessimistic, and software stocks are poised for a rebound as unrealistic disruption scenarios have already been priced in [1] Group 1: Market Analysis - The team led by Dubravko Lakos-Bujas at JPMorgan suggests that investors should increase their holdings in high-quality software stocks that are resilient to AI disruptions [1] - The extreme price movements in the software sector indicate that capital is likely to flow back into this segment in the short term [1] - The report states that the market has significantly reduced its positions, and the overly negative perception of AI's impact on the software industry, combined with solid industry fundamentals, suggests that the risk balance is increasingly leaning towards a rebound [1] Group 2: AI Impact Assessment - JPMorgan analysts believe that investors have overestimated the disruption caused by AI on software stocks [1] - The market is currently pricing in the worst-case scenarios for AI disruption, which are unlikely to materialize in the next three to six months [1] - Software companies that demonstrate resilience to AI disruptions are seen as having significant growth opportunities [1]

JPMorganChase (NYSE:JPM) 2026 Conference February 10, 2026 09:40 AM ET Company ParticipantsTroy Rohrbaugh - Co-CEO of the Commercial & Investment BankOperatorAll right. Good morning, everybody. This is absolutely Big Bank morning. So, you know, obviously now we have the biggest bank of them all, JPMorgan. And with us today we have the Co-CEO of the CIB, the Commercial & Investment Bank, Troy Rohrbaugh. Welcome.Troy RohrbaughThank you very much for having me. I apologize in advance. I got a bit of a cold, so ...

摩根大通：我们在主经纪业务和外汇业务的人工智能项目正实现实实在在的收入增长。 来源：滚动播报 ...

【摩根大通策略师称对AI颠覆性的担忧过度软件股有望反弹】智通财经2月10日电， 摩根大通策略师表 示，软件股有望从历史性的下跌中反弹，因为市场体现的人工智能短期内颠覆性影响不切实际。由 Dubravko Lakos-Bujas领衔的团队称，随着"极端的价格走势"使得资金至少在短期内有可能轮动回到该 板块，投资者应增加对高质量、对人工智能颠覆性更具抵抗能力的软件股的配置。该团队在一份报告中 写道："鉴于持仓出清、对人工智能颠覆软件行业的前景过度悲观以及基本面稳健，我们认为风险平衡 正越来越偏向反弹。"由于担心新的人工智能工具可能对传统的软件即服务(SaaS)业务造成影响，软件 股近期遭受重创。此次抛售几乎无差别，不论软件公司是否已经与人工智能公司建立了合作关系，或者 拥有专有数据栈。 转自：智通财经 ...

摩根大通的分析师写道，投资者高估了人工智能(AI)将对软件股造成的干扰。这些分析师称："市场正 计入最坏的AI干扰情景，但这些情景在未来三到六个月内不大可能出现。"这些分析师表示，软件股很 有可能会反弹，具备AI韧性的公司尤其存在机会。这些分析师称，软件股的长期表现不佳是30多年来 非衰退期最大的年度跌幅，导致股价蒸发约2万亿美元。欧洲软件股（尤其是数据供应商）在午后交易 中进一步下跌，伦敦证券交易所集团下跌5.6%，延续了截至昨日收盘在2026年累计超过20%的跌幅。益 博睿下跌2.8%，Relx下跌1.5%。 来源：滚动播报 ...

格隆汇2月10日｜摩根大通策略师表示，软件股有望从历史性跌势中反弹，因为市场目前对人工智能带 来的短期颠覆性影响定价过高。由杜布拉夫科·拉科斯-布亚斯领导的团队认为，投资者应增持高质量及 对人工智能具有韧性的软件股，因为"极端的价格走势"可能促使资金轮动重回该板块，至少短期内如 此。"考虑到仓位调整已较充分、市场对AI颠覆软件业的看法过于悲观，以及企业基本面依然稳固，我 们认为风险平衡正日益向反弹倾斜，"该团队在一份报告中写道。该团队表示，目前尚不清楚传统软件 公司长期是否会被人工智能取代，但认为当前市场对颠覆性影响的悲观情绪"目前反应过度"。该团队补 充称，软件公司第四季度财报迄今总体表现积极，分析师预计2026年盈利将增长16.8%。 ...

Goldman Sachs was the leading financial adviser by deal value for construction sector mergers and acquisitions (M&A) in 2025, according to GlobalData’s latest league table. GlobalData’s Financial Deals Database shows Goldman Sachs advised on deals worth $43.3bn during the year. Bank of America took second place by value after advising on $41.9bn of construction M&A deals, the database shows. JPMorgan ranked third by value with $35.5bn, followed by Morgan Stanley on $28.3bn and Mizuho Financial Group on ...