24 Feb 2026 08:34:35 ET │ 14 pages US Semiconductor Equipment SPIE Day 1 Takeaways CITI'S TAKE We hosted an investor dinner with Lam Research CFO & EVP Doug Bettinger and VP IR Ram Ganesh. Overall, management tone was positive with expectations for another relative WFE out-performance year driven by DRAM + foundry capacity with continued technology migrations in NAND and some new capacity. Dep/Etch SAM is expected to grow faster than WFE and Lam expects to hold 50%+ of the share. Lam's recent 2026 WFE view ...

Ac t i o n | 16 Feb 2026 20:54:33 ET │ 18 pages NVIDIA Corp (NVDA.O) Preview – Investors Looking Past Earnings to GTC 2026 CITI'S TAKE NVIDIA reports Jan-Q earnings on 2/25. We model Jan-Q sales of $67B above Street $65.6B and expect Apr-Q guide of $73B vs Street $71.6B. We expect continued strong ramp of B300 with Rubin launch to drive a 34% H/H acceleration in CY2H26 sales vs 27% in CY1H26. We believe most investors are looking past the earnings to annual GTC conference in mid- March for NVIDIA to talk ab ...

Ac t i o n | Google TPU sales to grow 4x or ~$65B by FY27 — We model FY26/27 AI revenues of $63B/$102B driven by better-than-expected TPU ramps. We believe AVGO's five announced customers are Google, Meta, Bytedance, Anthropic and Fujitsu based on supply chain discussions, while its two additional engagements are with OpenAI and Apple. Gross margin dilution from Anthropic rack shipments — Given Anthropic's estimated ~$10B rack sales in 2H26 and ~$11B in 1H27 (per AVGO), which we assume ~55% gross margins, w ...

Core Viewpoint - Invesco S&P 500 GARP ETF (SPGP) has underperformed the S&P 500 over the past year, returning 9.5% compared to the S&P 500's 14.4%, primarily due to weakening consumer sentiment affecting discretionary spending and travel demand [1] Group 1: Fund Strategy and Holdings - SPGP targets companies within the S&P 500 that exhibit revenue and earnings growth while maintaining reasonable price multiples, appealing to investors who prioritize growth without excessive valuations [1] - The fund has $2.4 billion in assets, with a significant allocation of 24.8% in financials, benefiting from rising interest rates and increased lending activity [1] - Key holdings include Royal Caribbean at 2.49% and NVIDIA at 2.44%, reflecting confidence in the travel recovery and AI infrastructure buildout, respectively [1] Group 2: Performance Analysis - SPGP's performance has lagged behind the broader market, with a 60% gain over five years compared to SPDR S&P 500 ETF Trust's 77% return, indicating the need for economic tailwinds to outperform [1] - The fund's cyclical positioning has been tested, as it relies on economic expansion and consumer spending, which has been weak [1] Group 3: Investment Considerations - SPGP is best suited for investors seeking growth exposure with valuation discipline, but it carries concentration risk, with the top 25 holdings representing approximately 40% of assets [1] - The fund does not include defensive sectors, leaving it vulnerable during economic slowdowns, and offers a minimal dividend yield of 0.65% [1]

Summary of Key Points from Citi Research Call Industry and Company Focus - **Industry**: US Equity Strategy with a focus on AI and Cyclicals - **New Baskets Introduced**: - Small/Mid AI Enablers (CGRBSAIE) - Falling Dollar Beneficiaries (CGRBDUSD) [27] Core Insights and Arguments - **Barbell Strategy**: Emphasis on owning select Growth and Cyclicals to navigate a volatile bull market [4][7] - **Growth Exposure**: - Large Cap Growth is favored for its defensive nature amid macro weakness, with earnings revisions trending higher [8] - AI at a Reasonable Price (CGRBAIRP) is highlighted as a core growth basket [5][13] - **Cyclical Exposure**: - Small Cap Value is expected to show the strongest earnings growth inflection, providing a margin of safety for EPS estimates [9] - Positive ROE Trend (CGRBGROE) is recommended for core cyclical exposure [6][64] Performance Metrics - **Year-to-Date Returns**: - S&P 500 Growth: 0.50% - S&P 600 Value: 2.36% - Small Cap Value: 4.75% [11] - **Core Baskets Performance**: - Core Baskets: 3.11% - Core+ Baskets: 1.08% - Russell 3000: 1.47% [16] New Basket Details - **Small/Mid AI Enablers**: - Focus on companies under $40B market cap that are AI Enablers, with a strong revision backdrop and premium growth expectations [28][30] - **Falling Dollar Beneficiaries**: - Targeting exporters of goods and services, with a quantitative approach to identify fundamental beneficiaries [49][50] Earnings and Valuation Insights - **Earnings Growth**: - AI Enablers are expected to see premium EPS growth compared to the broader market, with a narrowing fundamental gap [36][37] - **Valuation Metrics**: - Small/Mid AI Enablers have the most attractive PEG ratio compared to their Large Cap peers [37][40] Market Trends and Risks - **Dollar Sensitivity**: US equities are not overly sensitive to dollar movements unless tied to economic breakdowns [49] - **Cyclical Recovery**: The current earnings season indicates a recovery from the EPS growth recession, with expectations for improved business models [77][78] Recommendations for Investors - **Focus on Quality**: Emphasizing operational improvements and forward-looking ROE trends in investment decisions [66][90] - **Diversification**: Consider non-US AI opportunities for thematic value and growth exposure [99][100] Notable Stocks and Ratings - **Citi Buy-Rated Stocks**: - Top expected total return stocks include Intuit Inc, Palantir Technologies Inc, and Global Payments Inc [95][96] - **Market Cap Focus**: - Stocks with significant market caps like NVIDIA Corp and Amazon.com Inc are highlighted for their growth potential [97][98] This summary encapsulates the key insights and recommendations from the Citi Research call, focusing on the US equity strategy, particularly in the context of AI and cyclical investments.

Core Viewpoint - Recent developments surrounding NVIDIA Corp and OpenAI have heightened investor scrutiny, but these are seen as constructive steps that bolster the long-term momentum of the AI revolution [1] Group 1: NVIDIA's Investment Plans - NVIDIA plans to build at least 10 gigawatts of computing power for OpenAI and invest up to $100 billion, making CEO Jensen Huang's comments critical for investor sentiment [2] - Huang clarified that NVIDIA's investment will not exceed $100 billion while expressing strong support for OpenAI and CEO Sam Altman, which eases fears about OpenAI becoming "too big to fail" [3] Group 2: Market Reactions and Analyst Insights - Investor anxiety around circular financing and "too big to fail" concerns has turned NVIDIA's planned investment into a closely watched market issue [1] - Transparency from both NVIDIA and Oracle supports a bullish outlook on tech stocks, as AI-driven capital spending and enterprise monetization are expected to accelerate in 2026 [4] - NVIDIA stock was down 0.72% at $189.96 at the time of publication [4]

Roundhill CEO Dave Mazza may follow the Magnificent Seven stocks more than the average investor thanks to the Roundhill Magnificent Seven ETF (BATS:MAGS) , which launched in 2023. When it comes to looking at the Magnificent Seven stocks in 2026, Mazza shares with Benzinga his top picks based on setups. • Alphabet stock is showing upward bias. What’s ahead for GOOGL stock?Top Magnificent Seven Stocks For 2026Mazza recently told Benzinga that he wasn't concerned about the underperformance of the Magnificent S ...

Core Insights - The article provides a comprehensive comparison of Intel against its competitors in the Semiconductors & Semiconductor Equipment industry, focusing on financial metrics, market position, and growth prospects [1] Company Overview - Intel is a leading digital chipmaker specializing in microprocessors for personal computers and data centers, holding a significant market share in both sectors [2] - The company aims to revitalize its chip manufacturing business and develop advanced products [2] Financial Metrics - Intel's Price to Earnings (P/E) ratio is 782.67, significantly higher than the industry average, indicating potential overvaluation [3] - The Price to Book (P/B) ratio of 2.11 is below the industry average, suggesting possible undervaluation based on book value [3] - Intel's Price to Sales (P/S) ratio of 3.87 is also lower than the industry average, indicating potential undervaluation based on sales performance [3] - The Return on Equity (ROE) stands at 3.98%, which is below the industry average, indicating inefficiency in profit generation [3] - The Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) is $7.85 billion, above the industry average, highlighting strong profitability [3] - Gross profit is $5.22 billion, which is below the industry average, indicating challenges in revenue generation after production costs [3] Revenue Growth - Intel's revenue growth of 2.78% is significantly lower than the industry average of 34.81%, indicating potential sales performance issues [4] Debt-to-Equity Ratio - Intel has a lower debt-to-equity ratio of 0.44 compared to its top four peers, suggesting a more favorable balance between debt and equity financing [10] Summary of Key Takeaways - Intel's high P/E ratio indicates potential overvaluation, while its low P/B and P/S ratios suggest possible undervaluation [8] - The company shows lower profitability in terms of ROE compared to peers, but strong operational earnings as indicated by high EBITDA [8] - Challenges in generating profits and expanding revenue are highlighted by low gross profit and revenue growth [8]

Core Insights - The article provides a comprehensive comparison of Intel against its competitors in the Semiconductors & Semiconductor Equipment industry, focusing on financial metrics, market position, and growth prospects for investors [1] Company Overview - Intel is a leading digital chipmaker specializing in microprocessors for personal computers and data centers, holding a significant market share in both sectors [2] - The company aims to revitalize its chip manufacturing business and develop advanced products within its Intel Products segment [2] Financial Metrics - Intel's Price to Earnings (P/E) ratio is 685.17, which is 9.61 times above the industry average, indicating a premium valuation [5] - The Price to Book (P/B) ratio stands at 1.84, slightly below the industry average, suggesting potential undervaluation based on book value [5] - The Price to Sales (P/S) ratio is 3.39, which is 0.27 times the industry average, indicating possible undervaluation based on sales performance [5] - Return on Equity (ROE) is 3.98%, which is 1.69% below the industry average, indicating inefficiency in profit generation [5] - EBITDA is reported at $7.85 billion, which is 0.2 times below the industry average, suggesting lower profitability [5] - Gross profit is $5.22 billion, indicating 0.15 times below the industry average, reflecting lower revenue after production costs [5] - Revenue growth for Intel is at 2.78%, significantly lower than the industry average of 34.59%, indicating a challenging sales environment [5] Debt to Equity Ratio - Intel has a debt-to-equity (D/E) ratio of 0.44, which is lower than its top four peers, indicating a stronger financial position and less reliance on debt financing [9][8] - This favorable balance between debt and equity is viewed positively by investors [9] Comparative Analysis - Intel's high P/E ratio compared to peers suggests potential overvaluation, while low P/B and P/S ratios indicate undervaluation relative to competitors [10] - In terms of ROE, EBITDA, gross profit, and revenue growth, Intel lags behind its peers, signaling weaker financial performance and growth prospects within the sector [10]

CES Meeting Takeaways – Maintain Buy Vi e w p o i n t | 07 Jan 2026 01:37:15 ET │ 16 pages NVIDIA Corp (NVDA.O) | EPS (US$) | Q1 | Q2 | Q3 | Q4 | FY | FC Cons | VA Cons | | --- | --- | --- | --- | --- | --- | --- | --- | | 2025A | 0.61A | 0.68A | 0.81A | 0.89A | 2.99A | 2.99A | 2.99A | | 2026E | 0.81A | 1.04A | 1.30A | 1.49E | 4.64E | 4.68E | 4.71E | | Previous | 0.81A | 1.04A | 1.30A | 1.49E | 4.64E | na | na | | 2027E | 1.66E | 1.84E | 2.13E | 2.46E | 8.10E | 7.69E | 7.67E | | Previous | 1.66E | 1.84E | 2 ...