Wolfe Consumer Checks

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Wolfe Consumer Checks

Leisure, Restaurants & Food Retailers

Wolfe Consumer Checks July 18, 2026

The Wolfe Byte

Our weekly includes a recap of recent developments and latest Wolfe checks across the consumer sector.

Consumer

We recently surveyed interns at Wolfe Research, along with partner firms, to get a sense of emerging trends, AI

impacts, and other changes affecting Gen Z. While this is one age demographic, we were interested to see what the

next generation is focused on. In our survey some of our takeaways include that AI concerns are top of mind for many,

Claude is the overwhelming favorite to gain share over the next 6mos, and MAHA trends are expected to accelerate.

Click here for our full takeaways and results.

Exhibit 4 - Impact of AI on Job Prospects & Overall Optimistic for the Future

Source: Wolfe Research

Given the start of bank earnings, we wanted to highlight some of Jamie Dimon's commentary on the economy and AI.

When questioned about the business and economy as a whole Jamie Dimon stated, "It's getting close to as good as it

gets. We just don't know how long it's going to last." Which we think investors likely took as a bearish sentiment and

helped continue to fuel the negative momentum trade around AI. In reference to artificial intelligence and the use cases

at J.P. Morgan (JPM; Covered by Wolfe's Steven Chubak) he stated, "We are going to use AI to do a better job for

clients. That's our job. We fully expect it'll have huge efficiency in certain parts of the company. And we analyze all the

time. I think we've mentioned in the past, we spend quite a bit of money on it... And I think there's almost 1,000 use cases

today, though I would say that the really important ones are 50 – probably 50 across risk, fraud, marketing, hedging,