Citi
June 11, 2026
The SMID Point
Weekly UpdateEquitiesMacro Economic IndicatorsReal EstateInformation Technology
This report provides a weekly update on various sectors, highlighting positive developments in real estate and software while warning of structural headwinds in the restaurant industry due to GLP-1 adoption and cost pressures in AI.
Key Takeaways
- 1.Acadia Realty Trust's forward equity issuance is viewed as a positive signal for future NAV-accretive acquisitions.
- 2.Navan, Inc. demonstrates accelerating revenue growth, leading to an increased price target.
- 3.Enterprises are rationing AI spending to manage inference costs, impacting software and infrastructure service providers.
Table of Contents
- Company
- Industry
- Artificial Intelligence - Citi's Inference Ahead - Rationing Comes for Us All
- US Application Software - Fourth Annual IT Day Focuses On AI Budgets, Buy vs. Build, Use Cases
- US Building Products—Card Insights - Card Spending Picks Up into the Summer; Up +1.8% YTD
- US Restaurants and Food Distributors - GLP-1 Survey: A Headwind For Brands That Choose Not To Evolve
- US Restaurants - Weekly Traffic Jam & Sales Check-Up: Footfall Growth Challenged to Start June
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Authors
Craig MailmanNick JosephVikram BagriSteven EndersHeath TerryShelby SpencerAshley KimJanna WithrowTyler RadkeFatima BoolaniAnthony PettinariJon TowerKaren HolthouseGautam Nanda
Securities
AKR.NNRGV.NNAVN.O
Themes
AI Inference Capacity ConstraintsGLP-1 Consumption ImpactEnterprise IT Budget Optimization
Regions
North AmericaUnited StatesChina