🌍 **PIMCO: Credit Market Lens — A Higher Bar for Earnings Season**
PIMCO's latest Credit Market Lens notes that one-year earnings growth forecasts for U.S. dollar investment-grade issuers have roughly quadrupled since late January, while consensus EBITDA growth forecasts for high-yield borrowers rose from under 4% to more than 14% over the same period. AI hyperscalers (Alphabet, Amazon, Meta, Microsoft, Oracle) made up about a third of 2025 capital spending and are projected to reach 54% of the total by 2027.

**Why it matters:** Elevated earnings expectations raise the bar for second-quarter reporting, making hyperscaler capex guidance a key signal for whether current credit spreads remain justified.
[🔗 Read more](/leaving?url=aHR0cHM6Ly93d3cucGltY28uY29tL3VzL2VuL2luc2lnaHRzL3RoZS1jcmVkaXQtbWFya2V0LWxlbnMtYS1oaWdoZXItYmFyLWZvci1lYXJuaW5ncy1zZWFzb24=)