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Citi sends warning on semiconductor and hyperscaler stocks
Key takeaways
- Citi sends warning on semiconductor and hyperscaler stocks Hillary Remy Thu, July 2, 2026 at 9:49 PM GMT+7 5 min read C Semiconductor stocks have been the most crowded corner of the AI trade in 2026.
- The consensus view on Wall Street has been straightforward: As long as the biggest cloud platforms keep spending on AI infrastructure, demand for chips has nowhere to go but up.
- Chronert is Citi's head of U.S. equity strategy and has been among the more bullish voices on equities this year, carrying an 8,100 year-end S&P 500 target above most of his peers.
Citi sends warning on semiconductor and hyperscaler stocks Hillary Remy Thu, July 2, 2026 at 9:49 PM GMT+7 5 min read C Semiconductor stocks have been the most crowded corner of the AI trade in 2026. Memory company margins are at records, and chip ETFs have rallied sharply.
The consensus view on Wall Street has been straightforward: As long as the biggest cloud platforms keep spending on AI infrastructure, demand for chips has nowhere to go but up. On June 30, Scott Chronert noticed something that puts a question mark on that assumption.
Chronert is Citi's head of U.S. equity strategy and has been among the more bullish voices on equities this year, carrying an 8,100 year-end S&P 500 target above most of his peers.
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