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Research @ Citi Podcast

International Markets

Artificial Intelligence (AI)

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Research

Transcript

<ul><li>The macro outlook for U.S. equities remains positive despite a soft labor market and potential volatility. Key risks include FOMC reconstitution, which could benefit gold, and lagged inflationary impacts from existing tariffs.</li><li>Strategic positioning remains overweight U.S. equities. Unusually dovish Fed pricing suggests opportunities in U.S. curve steepeners and a weaker dollar, while FOMC reconstitution risk reinforces a positive narrative for gold.</li><li>Near-term focus is on September market volatility and the emerging inflationary impact from tariffs. Longer-term, the FOMC reconstitution by February presents a key risk, with the market already pricing in dovishness.</li></ul>

Rob Rowe, U.S. Regional Director of Research, and Chief Economist Nathan Sheets discuss the findings of Citi’s recent Must C report on productivity and the AI revolution. Topics of discussion include the deployment of AI and its implications for productivity, what we can learn from previous technological adoptions, and if a critical mass of adoption is needed to drive productivity gains.This podcast contains thematic content and is not intended to be investment research. Nor does it constitute financial, economic, legal, tax or accounting advice. This podcast is provided for information purposes only and does not constitute an offer or solicitation to purchase or sell any financial instruments. The contents of this podcast are not based on your individual circumstances and should not be relied upon as an assessment of suitability for you of a particular product, security, or transaction. The information in this podcast is based on generally available information and, although obtained from sources believed by Citi to be reliable, its accuracy and completeness are not guaranteed. Past performance is not a guarantee or indication of future results. This podcast may not be copied or distributed, in whole or in part, without the express written consent of Citi. © 2025 Citigroup Global Markets Inc. Member SIPC. All rights reserved. Citi and Citi and Arc Design are trademarks and service marks of Citigroup Inc. or its affiliates and are used and registered throughout the world.

Rob Rowe is the Head of Citi Research’s Global Strategy &amp; Macro Group (GSMG) as well as Head of Research for the Americas. GSMG unites all of Citi’s Economists with Fixed Income, FX, Equity and Commodities strategists to create a common team providing research on the world’s major economies and asset classes. Rob has been with Citi for 35 years in various capacities. He originally joined Smith Barney, Harris Upham &amp; Company in 1989 working in investment banking, fixed income sales, and research. In addition to his overall responsibilities, he continues to provide portfolio strategy for select clients as part of his previous role overseeing the Global Bond Portfolio Analysis team.

Rob Rowe, U.S. Regional Director of Research and Head of Global Strategy and Macro Group, Citi

Nathan Sheets, Ph.D., is Global Chief Economist at Citi Research. In this role, Nathan leads Citi’s surveillance and forecasting of the global economy and directs the analysis of the firm’s economics team. He interacts closely with Citi’s major institutional clients and internal risk takers, and publishes research on cross-cutting themes shaping the global economy and financial markets. Most recently, Nathan was Chief Economist and a member of the senior investment team at PGIM Fixed Income. He also has served as Under Secretary of the U.S. Treasury for International Affairs, representing the U.S. government on international economic issues. Previously, he held positions with Citigroup, as Global Head of International Economics, and with the Federal Reserve Board, as Director of the Division of International Finance and FOMC Economist. In addition, Nathan was a senior advisor to the U.S. Executive Director of the International Monetary Fund and a visiting fellow at the Peterson Institute for International Economics. He joined Citi in October 2021.

 Nathan Sheets, Global Chief Economist, Citi

Rob Rowe, U.S. Regional Director of Research, and Chief Economist Nathan Sheets discuss the findings of Citi’s recent Must C report on productivity and the AI revolution. Topics of discussion include the deployment of AI and its implications for productivity, what we can learn from previous technological adoptions, and if a critical mass of adoption is needed to drive productivity gains.

/rcs/citigpa/storage/public/Research_Citi_E48_Productivity_and_the_AI_Revolution_TRANSCRIPT.pdf

E48: Productivity & the AI Revolution

Transcript 

<ul><li>The biotech industry is rapidly evolving, driven by a projected $100 billion GLP-1 market for obesity and diabetes, a major shift to oral treatments, and the growing role of AI in pharmaceutical R&amp;D.</li><li>This evolution signals major investment shifts toward innovative therapies like cell and gene therapy. Firms must navigate uncertainties from potential tariffs, U.S. drug pricing reforms, and the strategic integration of AI for long-term value.</li><li>Expect continued bolt-on M&amp;A activity, while the biotech IPO market will likely remain cool until 2026. The focus for AI will be on enhancing R&amp;D productivity, with its full disruptive impact still developing.</li></ul>

Anne Malone, head of North America Equity Research, sits down with Geoff Meacham, U.S. pharma and biotech research analyst and head of healthcare research, for a conversation about forces shaping biotech. Topics discussed include the future of GLP-1s, how AI is (and isn't) reshaping biotech, and what the impact of tariffs may be.This podcast contains thematic content and is not intended to be investment research. Nor does it constitute financial, economic, legal, tax or accounting advice. This podcast is provided for information purposes only and does not constitute an offer or solicitation to purchase or sell any financial instruments. The contents of this podcast are not based on your individual circumstances and should not be relied upon as an assessment of suitability for you of a particular product, security, or transaction. The information in this podcast is based on generally available information and, although obtained from sources believed by Citi to be reliable, its accuracy and completeness are not guaranteed. Past performance is not a guarantee or indication of future results. This podcast may not be copied or distributed, in whole or in part, without the express written consent of Citi. © 2025 Citigroup Global Markets Inc. Member SIPC. All rights reserved. Citi and Citi and Arc Design are trademarks and service marks of Citigroup Inc. or its affiliates and are used and registered throughout the world.

Anne Malone was named Head of North America and Latin America Equity Research 2022; promoted from Deputy Director, a role she held since 2018. Anne started at the firm in 1996 as an Analyst covering Medical Technology stocks. She has held several positions since then, in both Equity Research and Citi Asset Management, taking on roles that utilized her analytical, product, and people skills. Prior to joining Citi she was a Medical Device Analyst at Bear Stearns. Anne graduated from the St Leo College with a degree in Finance and a minor in Economics. She is a CFA Charterholder.

Anne Malone, Head of North America and Latin America Equity Research, Citi

Geoff Meacham, Ph.D. is a Managing Director at Citi Research, covering both the US Pharmaceuticals and Biotechnology sectors. Prior to joining Citi in September 2024, Geoff covered the Pharma / Biotechnology sectors for 20+ years at Bank of America and Barclays, as well as JP Morgan Chase and UBS. Prior to joining Wall Street, Geoff conducted R&amp;D at Solvay Pharmaceuticals. He is based in Atlanta.

 Geoff Meacham, Head of Healthcare Research, Citi

Anne Malone, head of North America Equity Research, sits down with Geoff Meacham, U.S. pharma and biotech research analyst and head of healthcare research, for a conversation about forces shaping biotech. Topics discussed include the future of GLP-1s, how AI is (and isn't) reshaping biotech, and what the impact of tariffs may be.

/rcs/citigpa/storage/public/Research_Citi_E49_FINAL_TRANSCRIPT.pdf

E49: Back to School on Biotech

<ul><li>The internet is evolving as AI transforms search into "answer engines," driving a fundamental shift towards a more automated and personalized web experience, completely changing how users interact with information and online services.</li><li>Massive infrastructure investments by major tech firms are fueling AI's growth, enabling hyper-personalized, measurable advertising and creating new monetization strategies that are leading to significant revenue re-acceleration and improved operating margins.</li><li>The future of user interaction is shifting from mobile devices to "always-on" wearables like smart glasses and AI-integrated audio devices, creating new, more seamless user experiences and expanding AI's application into new verticals.</li></ul>

In the latest Research @ Citi podcast, North America Head of Equity Research Anne Malone sits down with Internet Analyst Ron Josey to discuss the potential effects of AI on the internet sector. Conversation topics included the ever-increasing pace of both innovation and disruption, how the internet user experience may change, and early signs of a return on investment.This podcast contains thematic content and is not intended to be investment research. Nor does it constitute financial, economic, legal, tax or accounting advice. This podcast is provided for information purposes only and does not constitute an offer or solicitation to purchase or sell any financial instruments. The contents of this podcast are not based on your individual circumstances and should not be relied upon as an assessment of suitability for you of a particular product, security, or transaction. The information in this podcast is based on generally available information and, although obtained from sources believed by Citi to be reliable, its accuracy and completeness are not guaranteed. Past performance is not a guarantee or indication of future results. This podcast may not be copied or distributed, in whole or in part, without the express written consent of Citi. © 2025 Citigroup Global Markets Inc. Member SIPC. All rights reserved. Citi and Citi and Arc Design are trademarks and service marks of Citigroup Inc. or its affiliates and are used and registered throughout the world.

Anne Malone was named Head of NAM Equity Research 2022; promoted from Deputy Director, a role she held since 2018. Anne started at the firm in 1996 as an Analyst covering Medical Technology stocks. She has held several positions since then, in both Equity Research and Citi Asset Management, taking on roles that utilized her analytical, product, and people skills. Prior to joining Citi, she was a Medical Device Analyst at Bear Stearns. Anne graduated from the St Leo College with a degree in Finance and a minor in Economics. She is a Chartered Financial Analyst.

Anne Malone, North America Head of Research, Citi 

Ron Josey is a Managing Director on the Citi Research Internet team. He joined Citi in January 2022 from JMP Securities where he covered the Internet sector, and prior to that, he covered the Internet sector at Lehman Brothers/Barclays Capital. Prior to his career in Equity Research, Ron spent several years at AOL where he was responsible for building and launching multiple products, features, and partnerships for the service. He began his career at Andersen Consulting/Accenture within its Communications &amp; High Tech market unit. Ron holds an MBA from the Robert H. Smith School of Business at the University of Maryland where he graduated with honors. He earned his Bachelor’s degree in Business Administration with a focus on Finance from Villanova University. Ron’s work has been featured in several publications, including The Wall Street Journal, CNBC, and Barron’s, among others. Ron loves to ski, sail, and spend time with his family and is fluent in Spanish.

Ronald Josey, U.S. Internet Analyst, Citi

In the latest Research @ Citi podcast, North America Head of Equity Research Anne Malone sits down with Internet Analyst Ron Josey to discuss the potential effects of AI on the internet sector. Conversation topics included the ever-increasing pace of both innovation and disruption, how the internet user experience may change, and early signs of a return on investment.

/rcs/citigpa/storage/public/research-podcast-episode-50-internet-transcript.pdf

E50: The Internet – Nothing's Going to be the Same

GPS Report 

<ul><li>The upcoming APEC Summit 2025 is a critical stage for high-stakes U.S.-China dialogue, as escalating trade tensions, global supply chain realignment and a strategic AI technology race reshape economic dynamics</li><li>Amid this friction, “connector countries” like Mexico and Vietnam are playing a pivotal role, mitigating the impact on global trade by creating resilient supply chains and facilitating commercial ties between the economic rivals</li><li>The summit is a key forum to watch for de-escalation in the U.S.-China trade relationship and the AI technology race, which will influence future global tech infrastructure, investment flows, and economic stability</li></ul>

Lucy Baldwin, Citi Head of Research, and Johanna Chua, Citi’s Global Head of Emerging Markets Economics, preview the APEC Summit by looking at the reordering and realignment APEC has seen since its founding and discuss the tensions between the U.S. and China that are affecting trade and the AI technology race. Where are these two APEC powers competing and where might they cooperate?This podcast contains thematic content and is not intended to be investment research. Nor does it constitute financial, economic, legal, tax or accounting advice. This podcast is provided for information purposes only and does not constitute an offer or solicitation to purchase or sell any financial instruments. The contents of this podcast are not based on your individual circumstances and should not be relied upon as an assessment of suitability for you of a particular product, security, or transaction. The information in this podcast is based on generally available information and, although obtained from sources believed by Citi to be reliable, its accuracy and completeness are not guaranteed. Past performance is not a guarantee or indication of future results. This podcast may not be copied or distributed, in whole or in part, without the express written consent of Citi. © 2025 Citigroup Global Markets Inc. Member SIPC. All rights reserved. Citi and Citi and Arc Design are trademarks and service marks of Citigroup Inc. or its affiliates and are used and registered throughout the world.

Lucy Baldwin is a Managing Director and Global Head of Research at Citi. Lucy is responsible for managing Citi’s global independent research across all asset classes. Lucy joined Citigroup in April 2021 from Credit Suisse, where she was Global Head of Equity Sales. Prior to Credit Suisse Lucy was at Bank of America as Head of European Equity Sales (2015-2019), and at Goldman Sachs as a Director of European Equity Research and in a variety of research analyst roles (2006-2015). Lucy started her career at Cazenove as an equity research analyst covering the building materials sector.

Lucy Baldwin, Head of Citi Research

Johanna Chua is a Managing Director, Head of Emerging Market Economics, and Chief Asia Economist at Citigroup. Based in Hong Kong, she oversees economic research across Emerging Asia, Central &amp; Eastern Europe, the Middle East &amp; Africa, and Latin America. Prior to her appointment, she was the head of Economics Research for Asia-Pacific, including Japan and Australia. Before 2009, she was the Chief Asia Emerging Markets Trading Strategist (Fixed Income, Commodities and Currencies), and the Asia Sovereign Fixed Income.

Johanna Chua, Head of Emerging Market Economics

APEC- The New Connections Driving Trade

Lucy Baldwin, Citi Head of Research, and Johanna Chua, Citi’s Global Head of Emerging Markets Economics, preview the APEC Summit by looking at the reordering and realignment APEC has seen since its founding and discuss the tensions between the U.S. and China that are affecting trade and the AI technology race. Where are these two APEC powers competing and where might they cooperate?

/rcs/citigpa/storage/public/Research_E53 _TRANSCRIPT.pdf