海外研报

2024Q2: Hardware Investment Grows, Barriers to Profitable Use Remain (Kodnani)

AI-related investment growth remains strong, particularly for semiconductorfirms, where equity markets expect revenue growth of around 50% from currentlevels by the end of 2025. Since the release of ChatGPT, equity markets have

US rates forecast update

The resulting baseline forecast has the 10y UST yield at 4.25% at year-end, withyields across the curve modestly above forwards.The forecastgenerally sees front.end spreads (2s5s) a bit flatter than forwards, reflecting a more gradual pace of

July employment preview: Upside and downside risks aplenty

We estimate that nonfarm payroll employment increased 175k in July, slower than the206k increase in June. We think that private nonfarm payrolls will register a 150k gain, above