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Trading Catalysts: PMI, AI leadership debate, GOOGL & TSLA earnings

发布日期: 2026-07-20研究机构: BofA Global Research报告页数: 26原文语言: English证据页码: 1

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Trading Catalysts

PMI, AI leadership debate, GOOGL & TSLA

earnings

This week: PMI, AI leadership debate, GOOGL & TSLA 20 July 2026

Key events this week include GOOGL and TSLA earnings (Wed), INTC (Thu) and PMI print Equity and Quant Strategy

(Fri). Two key questions will be: (1) if and where new AI-centered leadership emerges United States

following the semis’ 7% decline last week (semis recently ranked among industries with Paula Andrea Soto, CFA >>

highest Bubble Risk Indicator, see Exhibit 4), and (2) whether markets could reprice LatAm Equity Strategist

toward a more hawkish Fed outlook (see our economists’ case for three hikes in econ Merrill+55 11Lynch2188 (Brazil)4226

note). While softer inflation data has reduced the likelihood of a near-term Fed rate hike Thomas (T.J.) Thornton

(see Global rates), our rates strategists maintain a pay 2Y position, supported by resilient Head of Research Marketing

US activity data, easy financial conditions, and hawkish Fed rhetoric. For equities, our eq. BofAS+1 646 855 2449

strategists say a higher-for-longer rate environment continues to favor large-cap value Economics

and cyclical stocks over long-duration secular growth names. Stephen Juneau

US Economist

Next AI winners… commodities & efficiency stories BofAS Aditya Bhave

US equity strategist Savita Subramanian highlights that the next AI winners may be the US Economist

overlooked AI capacity suppliers and efficiency enablers rather than crowded direct BofASaditya.bhave@bofa.com

beneficiaries. Biggest non-Tech earnings revisions have come from AI capacity suppliers Equity & Quant Strategy

that remain largely unloved: Energy and Materials (ETF ideas: VDE, IYM, see page 2).

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