Semiconductors: Navigating the AI Supercycle

In episode five of Citi Wealth's The Short and Long, Chief Investment Officer Kate Moore takes a comprehensive look at the rapidly shifting global energy landscape. Her guests, Patrick Pouyanné, Chairman and CEO of TotalEnergies, and Alastair Syme, Head of Global Energy Research at Citi Research provide an assessment of rising global power demand, the structural costs of the energy transition, and the geopolitical forces redefining market risk. Key discussion points include: Is energy really getting cheaper? Why the economics of power may be changing in ways investors aren't fully appreciating. How AI-driven demand is reshaping electricity markets and creating new infrastructure needs. Why resilience is replacing efficiency as a strategic priority, and what that means for costs and investment. Why geopolitics may be the single most important driver of energy markets over the next five years. *INVESTMENT PRODUCTS: NOT FDIC INSURED · NOT CDIC INSURED · NOT GOVERNMENT INSURED · NO BANK GUARANTEE · MAY LOSE VALUE.* The opinions and views expressed herein are as of the date of publication, subject to change without notice, and may not necessarily reflect the opinions expressed by Citi businesses or its affiliates and is not intended to forecast future events. This material is provided for informational purposes only and does not constitute investment advice or a recommendation, offer, or solicitation by Citi or its affiliates. This material may contain forward-looking statements and are subject to change without notice based on market and other conditions. Past performance is not indicative of future results. Neither Citi nor any of its affiliates make any representations or warranties, express or implied, as to the accuracy or completeness of the statements or information contained herein and disclaim any liability whatsoever for reliance on such information for any purpose. Citi is under no duty to update this Communication and accepts no liability for any loss (whether direct, indirect or consequential) that may arise from any use of the information contained in or derived from this Communication. Any reference to third party organizations is for informational and identification purposes only and does not imply any ownership, affiliation, endorsement, or licensing relationship between Citi and such third parties. This material should not be copied, distributed, published, or reproduced in whole or in part or disclosed by any recipient to any other person without the express written consent of Citi. © 2026 Citigroup Inc., Citi, Citi and Arc Design and other marks used herein are service marks of Citigroup Inc. or its affiliates, used and registered throughout the world. Important Disclosures: https://www.citigroup.com/rcs/citigpa/storage/public/Citi_Wealth_OCIO_Disclosures.pdf

In episode four of Citi Wealth's The Short and Long, Chief Investment Officer Kate Moore asks the question that's dividing markets right now: does the semiconductor trade still have runway? Her guests — Adam Parker, founder of Trivariate Research and a former semiconductor analyst, and Ankur Crawford, portfolio manager at Alger and a former Intel engineer with a PhD in materials science — make a confident, data-driven case that it does. Key discussion points include: Why we may be only three to four years into a ten-year AI investment cycle, and what that means for how portfolios should be positioned today How "AI touch" is reshaping the way investors think about sector exposure, from semiconductors to power infrastructure to healthcare services Why demand estimates have been consistently too conservative, and what the data on token growth and earnings revisions tells us about where this cycle is headed The key risks that could slow the buildout: regulatory friction, power constraints, and shifts in global chip supply *INVESTMENT PRODUCTS: NOT FDIC INSURED – NOT CDIC INSURED – NOT GOVERNMENT INSURED – NO BANK GUARANTEE – MAY LOSE VALUE* The opinions and views expressed herein are as of the date of publication, subject to change without notice, and may not necessarily reflect the opinions expressed by Citi businesses or its affiliates and is not intended to forecast future events. This material is provided for informational purposes only and does not constitute investment advice or a recommendation, offer, or solicitation by Citi or its affiliates. This material may contain forward-looking statements and are subject to change without notice based on market and other conditions. Past performance is not indicative of future results. Neither Citi nor any of its affiliates make any representations or warranties, express or implied, as to the accuracy or completeness of the statements or information contained herein and disclaim any liability whatsoever for reliance on such information for any purpose. Citi is under no duty to update this Communication and accepts no liability for any loss (whether direct, indirect or consequential) that may arise from any use of the information contained in or derived from this Communication. Any reference to third party organizations is for informational and identification purposes only and does not imply any ownership, affiliation, endorsement, or licensing relationship between Citi and such third parties. This material should not be copied, distributed, published, or reproduced in whole or in part or disclosed by any recipient to any other person without the express written consent of Citi. © 2026 Citigroup Inc., Citi, Citi and Arc Design and other marks used herein are service marks of Citigroup Inc. or its affiliates, used and registered throughout the world. Important Disclosures: https://www.citigroup.com/rcs/citigpa/storage/public/Citi_Wealth_OCIO_Disclosures.pdf

Kate Moore welcomes Fatima Boolani, Co-Head US Software Equity Research, Citi Research, and Anneka Gupta, Chief Product Officer at Rubrik, to debate one of the most important risks facing investors today: cyberattacks and what AI means for security and portfolios. Key discussions: An evolving landscape: Cyberattacks have compressed from 27 days to 27 seconds. AI will accelerate that further. Hackers aren't breaking in, they're logging in: Why human fallibility is the most common entry point, and what organizations can do today. The attack surface: Why agentic AI creates new risk, and why fighting AI with AI may be the path forward. The budget: Why cybersecurity spend could triple, and which companies are best positioned. Resilience over prevention: Why recovery, not prevention, now drives 80% of security investment — and what that means for portfolios. *INVESTMENT PRODUCTS: NOT FDIC INSURED – NOT CDIC INSURED – NOT GOVERNMENT INSURED – NO BANK GUARANTEE – MAY LOSE VALUE* This Communication is prepared by Citi Wealth Investments (“CWI”) which is comprised of the investments and capital markets capabilities that are provided to Citi Private Bank, Citi Global Wealth at Work, and Citi Personal Wealth Management. The opinions and views expressed herein are as of the date of publication, subject to change without notice, and may not necessarily reflect the opinions expressed by Citi businesses or its affiliates and is not intended to forecast future events. This material is provided for informational purposes only and does not constitute investment advice or a recommendation, offer, or solicitation by Citi or its affiliates. This material may contain forward-looking statements and are subject to change without notice based on market and other conditions. Past performance is not indicative of future results. Neither Citi nor any of its affiliates make any representations or warranties, express or implied, as to the accuracy or completeness of the statements or information contained herein and disclaim any liability whatsoever for reliance on such information for any purpose. Citi is under no duty to update this Communication and accepts no liability for any loss (whether direct, indirect or consequential) that may arise from any use of the information contained in or derived from this Communication. Any reference to third party organizations is for informational and identification purposes only and does not imply any ownership, affiliation, endorsement, or licensing relationship between Citi and such third parties. A transcript is provided for convenience and may differ from the original video or audio content. Citi is not responsible for any errors in the transcript. This material should not be copied, distributed, published, or reproduced in whole or in part or disclosed by any recipient to any other person without the express written consent of Citi. Citi Private Bank, Citi Global Wealth at Work, and Citi Personal Wealth Management are businesses of Citigroup Inc. (“Citigroup”), which provide clients access to a broad array of products and services available through bank and non-bank affiliates of Citigroup. Not all products and services are provided by all affiliates or are available at all locations. In the U.S., investment products and services are provided by Citigroup Global Markets Inc. (“CGMI”), member FINRA and SIPC, Citi Private Alternatives, LLC (“CPA”), member FINRA and SIPC. CPA acts as distributor of certain alternative investment products to certain eligible clients’ segments. CGMI accounts are carried by Pershing LLC, member FINRA, NYSE, SIPC. Investment management services (including portfolio management) are available through CGMI, Citibank, N.A. and other affiliated advisory businesses. Insurance is offered through Citigroup Life Agency LLC (“CLA”). In California, CLA does business as Citigroup Life Insurance Agency, LLC (license number 0G56746). CGMI, CPA, CLA and Citibank, N.A. are affiliated companies under the common control of Citigroup. Outside the U.S., investment products and services are provided by other Citigroup affiliates. Investment Management services (including portfolio management) are available through CGMI, Citibank, N.A. and other affiliated advisory businesses. These Citigroup affiliates will be compensated for the respective investment management, advisory, administrative, distribution and placement services they may provide. © 2026 Citigroup Inc., Citi, Citi and Arc Design and other marks used herein are service marks of Citigroup Inc. or its affiliates, used and registered throughout the world. Important Disclosures: https://www.citigroup.com/rcs/citigpa/storage/public/Citi_Wealth_OCIO_Disclosures.pdf

Kate Moore welcomes Eric Van Nostrand, CIO of Lazard Asset Management and former Acting Assistant Secretary of the Treasury for Economic Policy, and Conrad Dequadros, Head of Economics at Citi Wealth's Chief Investment Office, to debate the forces shaping global markets in 2H25. Key discussion points: A shifting macro regime: Why the move from demand- to supply-driven dynamics may be leaving investors anchored to the wrong playbook. Inflation and the Fed: Why the path back to 2% will be uneven and why consensus on inflation may be the most important call investors are getting wrong. Geopolitics and energy: How oil and supply chain disruptions create risks that merit consideration—and what that means for consumers. Portfolio construction: From gold as ballast to shorter duration fixed income, which assumptions still hold and which deserve a fresh look. INVESTMENT PRODUCTS: NOT FDIC INSURED – NOT CDIC INSURED – NOT GOVERNMENT INSURED – NO BANK GUARANTEE – MAY LOSE VALUE This Communication is prepared by Citi Wealth Investments (“CWI”) which is comprised of the investments and capital markets capabilities that are provided to Citi Private Bank, Citi Global Wealth at Work, and Citi Personal Wealth Management. The opinions and views expressed herein are as of the date of publication, subject to change without notice, and may not necessarily reflect the opinions expressed by Citi businesses or its affiliates and is not intended to forecast future events. This material is provided for informational purposes only and does not constitute investment advice or a recommendation, offer, or solicitation by Citi or its affiliates. This material may contain forward-looking statements and are subject to change without notice based on market and other conditions. Past performance is not indicative of future results. Neither Citi nor any of its affiliates make any representations or warranties, express or implied, as to the accuracy or completeness of the statements or information contained herein and disclaim any liability whatsoever for reliance on such information for any purpose. Citi is under no duty to update this Communication and accepts no liability for any loss (whether direct, indirect or consequential) that may arise from any use of the information contained in or derived from this Communication. Any reference to third party organizations is for informational and identification purposes only and does not imply any ownership, affiliation, endorsement, or licensing relationship between Citi and such third parties. A transcript is provided for convenience and may differ from the original video or audio content. Citi is not responsible for any errors in the transcript. This material should not be copied, distributed, published, or reproduced in whole or in part or disclosed by any recipient to any other person without the express written consent of Citi. Citi Private Bank, Citi Global Wealth at Work, and Citi Personal Wealth Management are businesses of Citigroup Inc. (“Citigroup”), which provide clients access to a broad array of products and services available through bank and non-bank affiliates of Citigroup. Not all products and services are provided by all affiliates or are available at all locations. In the U.S., investment products and services are provided by Citigroup Global Markets Inc. (“CGMI”), member FINRA and SIPC, Citi Private Alternatives, LLC (“CPA”), member FINRA and SIPC. CPA acts as distributor of certain alternative investment products to certain eligible clients’ segments. CGMI accounts are carried by Pershing LLC, member FINRA, NYSE, SIPC. Investment management services (including portfolio management) are available through CGMI, Citibank, N.A. and other affiliated advisory businesses. Insurance is offered through Citigroup Life Agency LLC (“CLA”). In California, CLA does business as Citigroup Life Insurance Agency, LLC (license number 0G56746). CGMI, CPA, CLA and Citibank, N.A. are affiliated companies under the common control of Citigroup. Outside the U.S., investment products and services are provided by other Citigroup affiliates. Investment Management services (including portfolio management) are available through CGMI, Citibank, N.A. and other affiliated advisory businesses. These Citigroup affiliates will be compensated for the respective investment management, advisory, administrative, distribution and placement services they may provide. © 2026 Citigroup Inc., Citi, Citi and Arc Design and other marks used herein are service marks of Citigroup Inc. or its affiliates, used and registered throughout the world. Important Disclosures: https://www.citigroup.com/rcs/citigpa/storage/public/Citi_Wealth_OCIO_Disclosures.pdf

In the inaugural podcast episode of Citi Wealth's "The Short and Long," Chief Investment Officer Kate Moore brings together two industry professionals to examine how artificial intelligence is reshaping markets She welcomes: Heath Terry, Global Sector Head of Technology and Communications Research at Citi Research, and Jordi Visser, Head of AI Macro Nexus Research for 22V for a focused discussion on what comes next. Key discussion points include: The unprecedented pace of AI: The group debates whether markets fully reflect the speed and scale of AI development and its disruptive potential. Big tech vs. agile startups: The discussion explores the competing advantages of large, well-resourced companies versus nimble, fast-moving startups. Industry disruption: The group explains how AI is set to reshape software business models and accelerate competition. Actionable insights: The conversation emphasizes the need to challenge assumptions, question consensus, and refine decision-making frameworks.   INVESTMENT PRODUCTS: NOT FDIC INSURED – NOT CDIC INSURED – NOT GOVERNMENT INSURED – NO BANK GUARANTEE – MAY LOSE VALUE   This Communication is prepared by Citi Wealth Investments (“CWI”) which is comprised of the investments and capital markets capabilities that are provided to Citi Private Bank, Citi Global Wealth at Work, and Citi Personal Wealth Management.   Citi Private Bank, Citi Global Wealth at Work, and Citi Personal Wealth Management are businesses of Citigroup Inc. (“Citigroup”), which provide clients access to a broad array of products and services available through bank and non-bank affiliates of Citigroup. Not all products and services are provided by all affiliates or are available at all locations. In the U.S., investment products and services are provided by Citigroup Global Markets Inc. (“CGMI”), member FINRA and SIPC, Citi Private Alternatives, LLC (“CPA”), member FINRA and SIPC. CPA acts as distributor of certain alternative investment products to certain eligible clients’ segments. CGMI accounts are carried by Pershing LLC, member FINRA, NYSE, SIPC. Investment management services (including portfolio management) are available through CGMI, Citibank, N.A. and other affiliated advisory businesses. Insurance is offered through Citigroup Life Agency LLC (“CLA”). In California, CLA does business as Citigroup Life Insurance Agency, LLC (license number 0G56746).  CGMI, CPA, CLA and Citibank, N.A. are affiliated companies under the common control of Citigroup. Outside the U.S., investment products and services are provided by other Citigroup affiliates. Investment Management services (including portfolio management) are available through CGMI, Citibank, N.A. and other affiliated advisory businesses. These Citigroup affiliates will be compensated for the respective investment management, advisory, administrative, distribution and placement services they may provide.   Views, opinions and estimates expressed herein may differ from the opinions expressed by other Citi businesses or affiliates and are not intended to be a forecast of future events, a guarantee of future results, or investment advice, and are subject to change without notice based on market and other conditions. Citi is under no duty to update this Communication and accepts no liability for any loss (whether direct, indirect or consequential) that may arise from any use of the information contained in or derived from this Communication   © 2026 Citigroup Inc., Citi, Citi and Arc Design and other marks used herein are service marks of Citigroup Inc. or its affiliates, used and registered throughout the world. Important Disclosures: https://www.citigroup.com/rcs/citigpa/storage/public/Citi_Wealth_OCIO_Disclosures.pdf