Asset Allocation: What Companies Are Saying: Time To Stop Calling Them Shocks?

研报英文原文证据摘录

Asset Allocation: What Companies Are Saying: Time To Stop Calling Them Shocks?

Deutsche Bank

Research

Global Strategy Date

14 May 2026

Asset Allocation Strategy Update

What Companies Are Saying: Time To

Stop Calling Them Shocks?

Binky Chadha

Chief Strategist

+1-212-250-4776

This report presents a collection of management commentary from Q1 earnings calls

from over 300 companies spanning a wide range of sectors and regions globally. We Matthew Barnard

Head of US Company Research

present below the key themes that emerged, followed by a selection of management

+1-212-250-5111

quotes.

Parag Thatte

It is hardly news that plenty of companies reported blockbuster demand in areas such Strategist

as AI, semiconductor chips, memory, data centers, power equipment, aerospace & +1-212-250-6605

defense and their associated supply chains. On the flip side, growth for most Karthik Prabhu

consumer-facing companies and those tied to housing remained very anemic. But in Strategist

between, there is a lengthening list of industries that are seeing stronger demand, and +1-212-250-1246

many companies reported a pickup in areas that have been laggards previously. Dag Workayehu

Companies were keen to note that this was despite “everything that's going on,” Strategist

signaling resilience in the face of a series of large shocks, the frequency of which has +1-212-250-4771

them questioning whether these even deserved to be called shocks anymore. There

were no signs of paralysis, panic or of going into the bunker as they navigated the

latest installment. However, the series of disruptions have exacerbated ongoing

supply shortfalls in several areas, going much beyond the well-documented issues in

semiconductors, oil & commodities. This has meant that another wave of cost