U.S. FIRST TO MARKET

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U.S. FIRST TO MARKET

North America Equity Research

U.S. First to Market 29 July 2026

Top Stories

Large Cap Banks - Post 2Q26 (Vivek Juneja/Andrew J Dietrich)

Sector Allocation, Inflation, AI Near Term Drivers; Cap Mkts, C&I Loan Growth Key To Revenues

Bank stocks have outperformed recently, benefiting some from sector allocation shift. There have been two key issues of note

related to earnings - capital markets and net interest income. Capital markets-related revenues have been the key driver and

should likely remain so if the markets hold up - lot of deals are waiting in the pipelines in equity and fixed income markets.

PACCAR Inc. (Tami Zakaria, CFA) (PCAR, OW, PT $164.00)

The Burden of Proof Continues to Shift to the Bears; Raising Dec 26 PT to $164

The bear thesis on PCAR continues to weaken; positive earnings revision cycle ahead. PCAR shares were up ~4% (vs.

SPX flattish) yesterday after posting a 5% EPS beat in the quarter. Gross margin of 14.4% (vs. consensus at 13.7%) was the

standout (recall we positively previewed the potential GM rate upside ahead of the print), although bears pushed back that this

beat was a result of an undisclosed amount of IEEPA refund benefit.

Private Company Research

Harvey AI Corp (Aaron Steiker)

Contracting the Future

Legal work has long been one of the most text-heavy, precedent-driven, and judgment-intensive professional workflows—

making it a natural proving ground for LLMs. Founded in 2022 by Winston Weinberg (ex-litigation associate) and Gabe Pereyra

(ex-Google DeepMind and Meta), Harvey has emerged as a leading legal AI platform, offering a unified workspace including an

AI assistant, document review and storage system, knowledge layer tied to premium legal databases, and agents aimed at