The Point For North America

Citi's daily update highlights strong AI-driven momentum in semiconductors and operational software while maintaining a cautious outlook on consumer retail and general software renewals.

Key Takeaways

• 1.Semiconductor AI visibility is extending, leading to price target hikes for Broadcom ($500), NVIDIA ($300), and Applied Materials ($520) based on higher capex frameworks.
• 2.Softness is appearing in the software sector, with Salesforce facing lengthening deal cycles and renewals optimization, while MongoDB remains an outlier beneficiary of AI usage.
• 3.The US consumer health shows signs of strain with the personal savings rate dropping to 3.6%, the lowest level since 2022, amid high gas prices.

Table of Contents

• Morning Call Highlights
• Must Read
• Company
• Industry
• Economics & Strategy
• Fixed Income & FX
• Key Rating and Target Price Changes

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