Citi‘s Most Read - North America: June 8 – June 14

研报英文原文证据摘录

Citi‘s Most Read - North America: June 8 – June 14

today is a reminder that the technology cuts both ways. The scope for AI to erode

entrenched business models remains a downside risk for later rounds. We also

raise our 2026 US IG gross supply forecast. Funding for the AI build-out appears

intended to avoid overloading any single market or tenor.

Daniel Sorid | Mathew Jacob

Global FX Strategy - Our risk sentiment goes from “yellow to red”

We noted last Tuesday (the day of the S&P 500 all-time high) that our own risk

sentiment had moved from “green to yellow,” and that NZD and SEK puts were

attractive. We also flagged what it would take to turn more bearish (“yellow to

red”), with some of those indicators triggering on Friday. Overall, we still see the

positive trend for risk-assets; however, tactically we could see further volatility.

Immediate obvious catalysts are US CPI, the ECB meeting, and conflict escalation.

These would likely lead to risk-off with higher yields; historically, that is a USD

positive backdrop. We like shorts where the economy was already weak, the

central bank is unlikely to deliver hawkish market pricing, and terms of trade are

negative to the conflict – SEK and NZD continue to flag as vulnerable.

Daniel Tobon | Brian Levine | Osamu Takashima

Advanced Micro Devices (AMD.O) - GPU Upside Not Fully Priced-In; Upgrade to

Buy w/$575 TP

While we have been constructive on the inflection in agentic AI led CPU demand

and AMD to be the major beneficiary of it (see note), we now see AMD emerging as

a legit second source in the GPU market with company poised to win lion’s share

at Meta. Most investors currently view AMD as a CPU stock with stock pricing in

~60% probability of AMD achieving >$50B in GPU sales by 2028, in our view.