From startups to legacy brands, you're making your mark. We're here to help.
Key Links
Prepare for future growth with customized loan services, succession planning and capital for business equipment.
Key Links
Institutional Investing
Serving the world's largest corporate clients and institutional investors, we support the entire investment cycle with market-leading research, analytics, execution and investor services.
Key Links
Providing investment banking solutions, including mergers and acquisitions, capital raising and risk management, for a broad range of corporations, institutions and governments.
Key Links
A uniquely elevated private banking experience shaped around you.
Whether you want to invest on your own or work with an advisor to design a personalized investment strategy, we have opportunities for every investor.
Explore a variety of insights.
Key Links
Insights by Topic
Explore a variety of insights organized by different topics.
Key Links
Insights by Type
Explore a variety of insights organized by different types of content and media.
Key Links
We aim to be the most respected financial services firm in the world, serving corporations and individuals in more than 100 countries.
Key Links
May 20-22, 2024 | #JPMTMC | The Westin Boston Seaport District, Boston, Massachusetts
The annual Technology, Media and Communications Conference is one of the first established and largest sector-focused financial conferences.
It’s the key J.P. Morgan investor event for the technology, media and communications industries featuring sectors such as Hardware, Semiconductors, Semi-cap Equipment, Media, Internet and more.
Approximately 2,400 established industry leaders, emerging fast-growth companies, innovative creators and globally minded service providers will meet with the firm’s leading Commercial & Investment Bank (CIB) teams.
Prior to founding Datadog, Olivier Pomel built data systems for K-12 teachers as a VP, Technology for Wireless Generation, where he grew the development team from a handful of people to close to 100 of the best engineers in New York until the company’s acquisition by News Corp. Before Wireless Generation, Olivier held software engineering positions at IBM Research and several internet startups. Olivier is an original author of the VLC media player and holds a MS, CS from the Ecole Centrale Paris.
Mike Sievert is chief executive officer, president and board director at T-Mobile US, Inc. He leads a customer-obsessed team focused on becoming the best in the world at connecting customers to their world.
Since Mike became CEO in April 2020, T-Mobile has grown from a distant No. 4 domestic provider to, by some measures, the world’s most successful telecommunications company. The company has generated market-leading returns, outpacing key competitors in growth of customers, service revenues and cash flows while becoming the nation’s fastest-growing home broadband provider, as well.
Under Mike’s leadership, T-Mobile is leapfrogging the competition by offering the best 5G network, delivering on its dream to be the first ever to simultaneously provide the best value and the best network. Today, Mike and team are transitioning the Un-carrier from Challenger to Champion by creating new and better ways to serve customers as a deeply data-informed, AI-enabled, digital-first company.
Prior to joining T-Mobile in 2012, Mike held leadership positions at Microsoft, AT&T, E*TRADE, IBM, and Procter & Gamble. He currently serves on the Starbucks board of directors. Mike earned a Bachelor of Science degree in economics from the Wharton School of the University of Pennsylvania.
Mr. Spiegel is the co-founder of Snap Inc. and has served as Chief Executive Officer and a member of the board of directors since May 2012. Mr. Spiegel holds a B.S. in Engineering – Product Design from Stanford University. Mr. Spiegel has served on the board of directors of KKR & Co., Inc. since October 2021.
Prior to founding Datadog, Olivier Pomel built data systems for K-12 teachers as a VP, Technology for Wireless Generation, where he grew the development team from a handful of people to close to 100 of the best engineers in New York until the company’s acquisition by News Corp. Before Wireless Generation, Olivier held software engineering positions at IBM Research and several internet startups. Olivier is an original author of the VLC media player and holds a MS, CS from the Ecole Centrale Paris.
Mike Sievert is chief executive officer, president and board director at T-Mobile US, Inc. He leads a customer-obsessed team focused on becoming the best in the world at connecting customers to their world.
Since Mike became CEO in April 2020, T-Mobile has grown from a distant No. 4 domestic provider to, by some measures, the world’s most successful telecommunications company. The company has generated market-leading returns, outpacing key competitors in growth of customers, service revenues and cash flows while becoming the nation’s fastest-growing home broadband provider, as well.
Under Mike’s leadership, T-Mobile is leapfrogging the competition by offering the best 5G network, delivering on its dream to be the first ever to simultaneously provide the best value and the best network. Today, Mike and team are transitioning the Un-carrier from Challenger to Champion by creating new and better ways to serve customers as a deeply data-informed, AI-enabled, digital-first company.
Prior to joining T-Mobile in 2012, Mike held leadership positions at Microsoft, AT&T, E*TRADE, IBM, and Procter & Gamble. He currently serves on the Starbucks board of directors. Mike earned a Bachelor of Science degree in economics from the Wharton School of the University of Pennsylvania.
Mr. Spiegel is the co-founder of Snap Inc. and has served as Chief Executive Officer and a member of the board of directors since May 2012. Mr. Spiegel holds a B.S. in Engineering – Product Design from Stanford University. Mr. Spiegel has served on the board of directors of KKR & Co., Inc. since October 2021.
| VIDEO
Media and communications
sector trends
Media and communications sector trends
Fred Turpin: There’s been an extraordinarily challenging backdrop. It's harder to get deals done today than it used to be. Rates are higher, equity markets are less forgiving, but there is no shortage of strategic activity. Everything we thought about meeting communications valuations for course segments over the last three or four years has changed. So, what's driving some of these changes? Obviously, the economics of streaming are very different than the economics of linear content on cable.
And I do think that it seems self-evident that over the next five years we're going to see reductions in content spending, more consolidation, and probably higher prices for all of us to watch Yellowstone and Succession.
Another area that we're very focused on our practice is audio. There's a lot more opportunity to grow, share and to advertise more effectively on audio right now than there may be on video, because video is just kind of overwhelmed with high quality content and competitors. Gaming has exploded and the community that is very focused on gaming as a form of entertainment are also very active online.
And it makes them very, very attractive and important consumers for leading edge technology companies. There is a scramble to try to make sure that platforms have access to those really important, incredibly dedicated and high intensity users. And gaming is often a platform for that.
One of the biggest changes we've seen over the last three years since COVID has been in consumer broadband. We saw valuations hit all-time highs for cable companies and for certain wireless companies. Since the pandemic ended, and the technology cost of deploying very high-quality broadband has is dramatically less than it was five years ago. So we've seen competition come into a number of these markets and it's become a much more dynamic marketplace where for 20 years, basically cable companies had home broadband to themselves.
We do continue to see growth in fiber to the home. There's a half a dozen players that are driving that very capital intensive. But these are 50-year assets.
The market cap that has been created in the tower sector, in the data center sector, as well as the fiber sector over the last ten years is dramatic. Right. And while it's down from the peaks, it's certainly still amazingly value creating for both the companies and the investors that have been early to the space. We continue to believe that we're in the early innings, third, fourth inning of the total architecture of the digital infrastructure for the United States and then subsequently the world demand for advanced devices, Internet connected devices and data creation continue to explode, whether it's storage, connectivity, compute latency.
These trends are here with us to stay. If your sovereign wealth fund, if you're a major PE fund, if you've got a dedicated infrastructure fund, how are you not a participant in the datacenter sector, in the cloud sector, in the tower sector, in the DAS sector, in fiber, like every zero sum game, there are going to be winners and they're going to be losers and boardrooms and CEOs and management teams across America and the world are very, very focused right now in my sector, I'm trying to make sure that they're putting the pieces in place to ensure that they have competitive advantage in a consumer facing business in the future that’s going to allow them to create value.
[END]
| VIDEO
Market dynamics shaping tech investment banking
Market dynamics shaping tech investment banking
Chris Grose: The last 18 months have been quite difficult. Global M&A volumes are down 65%, and U.S. equity issuance is down a staggering 75%. And there's really been just four tech IPOs in ‘22 and ‘23 year to date versus 112 IPOs at the peak in ‘21. Now, in the spirit of finding bright spots in every dark cloud, we have started to see some successful IPOs in other sectors.
What are we looking to set up? The broader tech reopening? First is a recalibration of peer multiples. What is the Fed's policy going to be as it relates to interest rates in light of the inflationary environment? What will corporates and investors ultimately do and think as it relates to their ‘24 and ‘25 growth outlook? And once they have a better sense of that, we think stability will return to the broader markets.
The future today, in my opinion, is as bright as it's ever been. TMC is going to continue to be the engine for the US economy and drive the innovation in the way that we live, the way that we work and the way that we function as a society. Now on the M&A side, companies remain cautious given the macro uncertainty. What's the one loan bright spot? It's been sponsor activity. We've seen a good amount of tech privates and we expect to see more.
And the debt markets have just been, frankly, more resilient than the equity markets. And we expect a relatively healthy financing backdrop to support M&A going forward, whether that's in the traditional leveraged loan market or in the more alternative financers like direct lenders. And last but certainly not least, has been activism. Some notable trends that we're going to be watching very closely going forward include companies facing a sunset of their super voting shares, as well as the New universal proxy card rules, which are likely to result, in our opinion, and more proxy fights.
The A.I. landscape is evolving at an unprecedented pace, and this is not just happening in the private markets. We're seeing it in the public markets as well. And then when we look at the velocity of AI, several market studies anticipate that a few native A.I. companies will scale to a billion and a half dollars of air in the next 18 months. So in our view, every single company is going to be impacted by AI.
[END]
| VIDEO
The key trends changing payments in 2023
Trends to watch in payments in 2023
Tien-Tsin Huang: We still see the same two big themes in payments playing out. Number one, software is taking over payments. And the second one is that everyone wants to bank their users.
Most of the companies are really good at doing just one or the other, meaning just serving consumers, or just serving merchants. But for those handful of companies that have building relationships with both, if they can connect the ecosystems, there's a host of opportunities for them to provide value-added services to have higher retention, to have better LTV.
And as a result, you should see better growth. We're starting to see e-commerce growth pick up, credit debit spend has been a lot more predictable. The challenge is that there are some signs of the consumer getting a little bit weaker. And so that's a macro issue. But there is history to draw parallels against that. And the further we move away from the pandemic, I feel more confident that the predictability of growth will be easier in '23 versus the last two years.
A niche opportunity we're watching and payments is in vertical-specific software, companies that go very deep in a vertical, and dominate it with an operating system, and trying to own that market. We're starting to see in restaurant, in retail, education, names cropping up and delivering outsized growth. So we like that market.
Another one I'd say is the B2B space. B2B is still underpenetrated. It's three times larger than the consumer-to-business space and with better software, better platforms, and better bank distribution. We feel good about the outlook for payments. We know there's a lot of concern over the macro, and the consumer, and how healthy businesses are, et cetera. But the secular outlook for payments is undeniable.
There's a lot of investment and innovation both on the consumer and the merchant side. We're going to see better experiences both on the digital and face-to-face world. So we think the payment names can overcome some of the macro and get back to being viewed as defensive growth.
[MUSIC PLAYING]
1/6
The J.P. Morgan Technology, Media and Communications Conference is for clients of the firm, by invitation only. Please reach out to your J.P. Morgan representative to inquire about passes.
Some company presentations will be available on the Digital Conference Book as well as on their individual websites.
The agenda is made available only to confirmed attendees.
Unless otherwise specified, conference presentations are on-the-record. Keynote presentations are off-the-record.
J.P. Morgan’s Research team leverages cutting-edge technologies and innovative tools to bring clients industry-leading analysis and investment advice.
What are the advantages and disadvantages of generative AI, and where do investment opportunities lie?
Technology
Technology at our Firm
Showcasing our market leading technology capabilities.
Global Research
Global Research
J.P. Morgan’s Research team leverages cutting-edge technologies and innovative tools to bring clients industry-leading analysis and investment advice.
Global Research
Is generative AI a game changer?
What are the advantages and disadvantages of generative AI, and where do investment opportunities lie?
1/6
You're now leaving J.P. Morgan
J.P. Morgan’s website and/or mobile terms, privacy and security policies don’t apply to the site or app you're about to visit. Please review its terms, privacy and security policies to see how they apply to you. J.P. Morgan isn’t responsible for (and doesn’t provide) any products, services or content at this third-party site or app, except for products and services that explicitly carry the J.P. Morgan name.