JPMorgan Chase & Co. is offering clients a new way to bet against the debt of five hyperscalers, as investors seek more-liquid hedges amid an unprecedented borrowing spree to finance artificial-intelligence infrastructure.
The bank last month launched a basket of credit default swaps in Alphabet Inc., Amazon.com Inc., Meta Platforms Inc., Microsoft Corp. and Oracle Corp., according to people familiar with the matter. Trades occur in $25 million increments — $5 million for each firm’s swaps — said the people, who asked not to be named because the information isn’t public.
Hedge funds and other investors ...
