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Core Viewpoint - Citigroup's global macroeconomic strategy team has provided actionable trading recommendations, focusing on the potential for AI-driven growth and sector rotations in the market [2][3]. Group 1: Trading Recommendations - The team suggests leveraging AI trading to boost the Nasdaq 100 index, recommending the purchase of out-of-the-money call options expiring in December 2026 [2][7]. - They believe that as long as capital investment continues to grow and liquidity remains ample, investors will have time to benefit from the expansion of the AI bubble [2][7]. - The report indicates that significant sector rotations typically occur after a bubble peaks, rather than before, and advises that technology stocks should be part of a bullish allocation [2][7]. Group 2: Sector Performance Expectations - The team anticipates that cyclical sectors, including financials, will thrive alongside technology stocks, suggesting an overweight position in financials and an underweight in consumer staples [2][3]. - They assert that cyclical stocks are likely to perform well in an environment of recovering inflation and economic growth [2][3]. Group 3: Economic and Market Outlook - Citigroup warns that U.S. equities and bonds often perform poorly in midterm election years, particularly in the third quarter, especially when the ruling party remains in power [3][8]. - The team recommends going long on copper as a way to capitalize on expected global growth recovery in 2026, highlighting its "all-weather" trading advantage [3][8]. - They express skepticism about the Federal Reserve's independence under the next chair appointed by Trump, predicting that the Fed will allow the economy to run hot, potentially leading to inflationary pressures later in 2026 [3][8]. Group 4: Cross-Asset Strategy - A relative value trade is recommended: going long on AI equities while shorting AI credit, as AI trading is expected to continue driving major indices higher [10]. - Concerns about credit risk exposure related to Oracle's debt and other AI-related bonds may lead to rising credit default swap (CDS) premiums, prompting the team to suggest going long on the S&P 500 and investment-grade CDS indices [10].