JPM North America Research | US Internet Q2 preview

North America Equity Research July 2026

US Internet 2Q 2026 Preview Doug Anmuth AC ( J.P. Morgan Securities LLC

Dae Lee, CFA Bryan M. Smilek Neeraj Kookada, CFA Margaret Hoffman ( J.P. Morgan Securities LLC J.P. Morgan Securities LLC J.P. Morgan Securities LLC J.P. Morgan Securities LLC

*Notes: 1) Buyside sentiment is based on JPM conversations & industry checks. 2) We cite JPMorgan Chase Bank, NA, JPMC Index File 2.0, select Chase credit and debit card transaction data. See here for disclaimers and methodology.

See end pages for analyst certification and important disclosures.

J.P. Morgan Internet Coverage – Doug Anmuth Summary of Price Targets & Ratings*

Top Picks Company Ticker Rating PT Page Company Ticker Rating PT Page Company Ticker Rating PT Page

MEGA CAP RIDES & FOOD E-COMMERCE 1) GOOG/L Alphabet GOOGL OW $460 7 Uber UBER OW $110 16 eBay EBAY N $100 25 2) AMZN Amazon AMZN OW $330 8 DoorDash DASH OW $250 17 Chewy CHWY OW $29 NA** 3) SPOT Meta Platforms META N $725 9 Instacart CART OW $55 18 StubHub STUB N $11 26 4) DASH SpaceX Lyft Pattern SPCX OW $225 10 LYFT N $18 19 PTRN OW $19 27 5) NFLX SUBSCRIPTION TRAVEL SMID CAP

Netflix NFLX OW $118 11 Booking Holdings BKNG OW $208 20 Peloton PTON N $6 28 Spotify SPOT OW $650 12 Airbnb ABNB N $140 21 Fiverr FVRR N $15 29 ONLINE ADS Expedia EXPE N $240 22 Reddit RDDT N $200 13 TripAdvisor TRIP UW $11 23 Pinterest PINS N $25 14 trivago TRVG UW - 24 Snap SNAP UW $6 15 *Note: End date for SPCX PT is December 2027, end date for all other PTs is December 2026. **Note: CHWY is off-calendar so not included in this preview. SPCX is co-covered w/Seth Seifman, Sebastiano Petti, Richard Choe

Internet 2026 YTD Performance: Mega Caps & a Few Others Helping, But Most of the Group Underperforming

Market Cap Avg Performance 151%

Mega Cap +7% 83% Large Cap -12% 35% Mid Cap +5% 11% 14% 6% 6% 8% 8% 10% 1% 1%

Small Cap +3% -9% -7% -5% -4% -4% -18% -17% -17% -15% -15% -13% -22% -19% -37% Smaller +12% -44% -42%

FVRR CHWY LYFT STUB SPOT RDDT PINS EXPE CART EBAY TRVG PTRN

Internet Median META AMZN SPX Index SNAP BKNG DASH UBER

Internet Avg NFLX TRIP SPCX ABNB

Source: Bloomberg Finance L.P. & J.P. Morgan as of 07/10/26 close. Based on 12/31/25 market cap. Note: Internet average & median are straight averages. Market cap weighted average is based on 12/31/25 market cap. Internet Mag 7: > $750B; Large Cap: $75B-$750B; Mid Cap: $20B-$75B; Small Cap: $2B-$20B; Smaller Cap: <$2B. Note: SPCX IPO on 6/11/26 @ $135/share & market cap weighting is based on 6/11/26 market cap. 2