Equity Research J.P. Morgan Securities LLC Monday, July 28, 2025 Global Internet Valuations U.S. Doug Anmuth Bryan Smilek (1-212) 622-6571 (1-212) 622-8886 douglas.anmuth@jpmorgan.com bryan.smilek@jpmorgan.com Cory Carpenter Neeraj Kookada (1-212) 270-8125 (1-212) 622-0270 cory.carpenter@jpmorgan.com neeraj.s.kookada@jpmorgan.com Dae Lee Daniel Pfeiffer (1-415) 315-8500 (1-212) 622-0161 dae.k.lee@jpmorgan.com daniel.pfeiffer@jpmchase.com China Alex Yao Daniel Chen 852 2800 8535 (86-21) 6106 6205 Andre Chang ...