David Groman, Senior Equity Strategist at Citi who focuses on tech, AI and earnings dynamics, discusses AI-driven market moves and where volatility has hit. He walks through whether AI is changing fundamentals and how valuations look. Conversations also cover geopolitical shifts in allocations and what markets appear to be pricing in for earnings.
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insights INSIGHT
AI Theme Shows Early Cracks
AI-driven volatility shows up when revenues lag capex needs and positioning is extended.
Differentiation is rising between hardware winners and software names facing longer-term disruption.
insights INSIGHT
Tech Earnings Beat Expectations
Global tech EPS is forecast to grow ~40% this year, up from 30% earlier in the year.
Valuations have derated, leaving tech cheaper in relative terms despite the hype.
volunteer_activism ADVICE
Adjust Regional Allocations
Reweight regional allocations as geopolitical risks and EPS hurdles change.
Move exposure toward markets with more attractive risk-reward, such as Japan and EM, over Europe for now.
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Beata Manthey, Citi's Head of European Equity Strategy, sits down with Senior Equity Strategist David Groman to discuss three topics shaping equity markets so far in 2026: artificial intelligence, geopolitics, and whether what's priced in by markets aligns with reality.
Research @ Citi