Citi's Most Read - North America

This report outlines Citi's constructive outlook on US equities, updates on AI infrastructure, and analysis of weakening labor market indicators and upcoming methodology changes for inflation metrics.

Key Takeaways

• 1.Citi analysts remain constructive on the US equity outlook, raising their S&P 500 year-end target to 8100.
• 2.The BEA plans to change methodology for core PCE components, likely lowering YoY core PCE estimates by approximately 25bp.
• 3.The case for Federal Reserve interest rate hikes is seen as weakening due to soft job growth and downward revisions to prior labor data.

Table of Contents

• Most Read
• North America - Road Ahead 2H26
• North America Internet - Meta Compute Unlocks Capacity (and FCF) for Meta's Superintelligence Ambitions
• Event-Driven (Post #229) - CMCSA Planned NBCU Spin Can Unlock SOTP Discount, Enhance Strategic Positioning
• US Economics Weekly – The case for hikes was just revised away
• US Economics – Inflation Weekly – BEA to change methodology for important PCE components
• US Economics – A stable labor market, but not a strong one
• US Semiconductors – Compute Semis: DRAM Supply Is the New Ranking Metric; NVDA & AMD on Top; QCOM at the Bottom
• US Economics – NFP Preview – Rising jobless claims, softer job growth
• US Economics – The Daily Update – Core PCE methodology change is a big deal

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