In Case You Missed It: U.S. Most Read Research

研报英文原文证据摘录

In Case You Missed It: U.S. Most Read Research

North America Equity Research

U.S. Most Read Research 27 July 2026

Week of July 20 – July 24

US Equity Strategy (Dubravko Lakos-Bujas/Bhupinder Singh) - 20 July 2026

Hyperscalers vs. AI Hardware, AI Capex & Monetization, Momentum Unwind, 2Q Earnings

The AI cycle remains intact. The key theme this reporting season remains centered on the hyperscaler capex guide,

but with a greater focus on more tangible evidence of monetization. This includes incremental use cases such as Meta’s

move to sell excess AI compute capacity. Additionally, the potential implications of the Anthropic Mythos development suggest

that security concerns could accelerate the timeline for moving workloads onto cloud-based platforms across both the private

and increasingly the public sector, creating another long-term tailwind for cloud providers, data centers, semiconductors, and

enterprise software (see Frontier AI Escalates Security Costs ) . If these signals begin to surface in forward commentary, they

could provide significant incremental support to hyperscaler earnings and FCF curves. Given this fundamental backdrop,

improving valuation and current investor positioning, over the medium-term we see better risk-reward in the hyperscaler

complex (i.e., AI Midstream) relative to other areas of Tech, along with select opportunities in Software such as

cybersecurity , which has emerged as a major secular investment theme and one we re-emphasized during peak AI disruption

fears earlier this year (see Report ).

ConocoPhillips (Arun Jayaram) (COP, N) - 20 July 2026

Iraq Upstream JV with BP: Low Cost Entry with Attractive Cost of Supply

JPM View: COP announced an agreement to enter the Iraqi upstream market through the acquisition of a 42% interest in BP