CITI'S TAKE The latest frontier models' gains in both performance and cost per task highlight improving model efficiency and inference economics, potentially reinforcing a longer-term economic advantage over less efficient open- weight alternatives. The top proprietary model released this week lifted the AA intelligence frontier 9% and lowered AA task costs by 55% versus its predecessor (Figure 15). This acceleration of frontier model releases continues to rewiden the gap with open models (Figure 10). The g ...

J P M O R G A N 8 Global Markets Strategy 24 September 2026 Enterprise Agentic Workflows & Multi-Agent Systems DeepFin Investor Workshop summary with Google In this research note, we summarise our September 2026 DeepFin Tutorial, "Enterprise Agentic Workflows & Multi-Agent Systems for Investment Strategy", delivered with Google. We explore single-purpose agents, to manager delegation, and onto an autonomous research team. The key message is that investment workflows need governed autonomy, with review and t ...

具备一定技术门槛的赛道。液冷行业整体技术门槛不高，导致许多环节的竞争 格局不佳，盈利能力面临下滑风险。因此，更具长期投资价值的环节包括： 随着 AI 算力需求的增长，热界面材料的技术演进趋势是什么？在这一趋势下， 中国厂商面临哪些发展机遇？ 随着 AI 算力需求的持续增长，单芯片的热设计功耗显著提升，推动了热界面材 料向高导热、高可靠性的方向发展。具体而言，在 TIM2（芯片与散热器之间的 热界面材料）层面，一个明确的趋势是向石墨烯基 TIM 产品演进。例如，英伟 达的 Rubin 平台，其 TIM2 材料预计将选用石墨烯产品。 尽管热管理材料行业 整体呈现国际巨头占据高端市场、本土企业持续追赶的格局，但在高端导热界 面材料，特别是石墨烯导热垫片这一细分领域，中国厂商迎来了发展机遇。原 因在于，目前能够实现石墨烯导热垫片量产交付并成功应用于头部客户的厂商 摘要 英伟达 Blackwell 及谷歌 TPU 量产驱动液冷需求，波纹管赛道因放量早、 竞争格局优，成为短期业绩兑现核心环节。 Rubin 平台将增加波纹管使用量，早期布局厂商在冷板、Manifold 等红 海环节外具备更强盈利能力与竞争壁垒。 制冷空调零 ...

Global AI Trend Tracker Quick Note We hosted AI Expert Call #74 on 29 September, featuring an expert from a leading optical communication company. The expert mainly discussed the OCS (optical circuit switch) market outlook and comparisons between different OCS technologies, the BOM cost breakdown of OCS, the market demand and price trend of optical transceivers, and the market trend for CPO (co-packaged optics) and NPO (near-field packaged optics). Key takeaways from the call are below: EQUITY: TECHNOLOGY A ...

Vi e w p o i n t | 29 Sep 2026 05:07:50 ET │ 10 pages Global Semiconductors HBM Market to Face Severe Undersupply in 2027E–2028E Despite De-spec Concerns CITI'S TAKE We view recent HBM de-specification not as a sign of weakening demand, but as a practical measure to maximize accelerator shipments amid tight supply. Driven by scale-out AI architectures, continual learning, and expanding ASIC/GPU adoption, we expect HBM bit demand to surge +62% YoY (75.2bn Gb) in 2027E and +69% YoY (127.0bn Gb) in 2028E, doub ...

Equity Research U.S. Internet 30 September 2026 The Key Take-Away: The biggest turf battle in consumer internet has kicked off in '26 around persistent consumer AI agents. The importance of this space is not to be taken lightly, we see the market caps of most of the Consumer Mag-4 (Apple, Google, Meta, and OpenAI - private; not covered) reacting to how market share plays out over the coming years. Unlike enterprise, persistent consumer agents are likely to be free for the end user and funded by a combinatio ...

J P M O R G A N 8 North America Equity Research 01 October 2026 Alphabet Inc. Can Gemini 4 Argon Recharge Google's Mojo? On Wednesday, Google announced its new frontier model, Gemini 4 Argon. The model shows frontier performance in complex workflows, cyber defense, and software engineering. According to DeepMind-provided benchmarks, Argon ranks favorably compared to GPT-6 Astra, Claude Fable 5.1, &Claude Opus 5.5 across a wide range of use cases and workflows. While the model is being used extensively insid ...

Vi e w p o i n t | Value is moving across the stack. Differences in token efficiency and accuracy suggest that workload-specific routing is likely more economical than uniform open or closed model deployment strategies. We expect enterprises to adopt mixed- model portfolios as a de-risking mechanism (Figure 18), while AI labs may increasingly embed routing and orchestration capabilities into the model layer directly such that users only elect for specific models in rare or highly specific circumstances (Fig ...

Vi e w p o i n t | 02 Oct 2026 18:13:02 ET │ 34 pages Artificial Intelligence Citi's Inference Ahead - Building the Rails for Scaled Intelligence CITI'S TAKE Gemini 4 Argon (9/30) scores 53 on AA, matching Fable 5.1 and GPT-6 Astra. The model's design extends the frontier trend of building models for agents tackling multi-step work across ever-larger software projects, while delayed broad availability follows a wider industry shift toward phased releases that give providers more time to strengthen safeguard ...

October 1, 2026 06:35 PM GMT Global Credit Strategy & Securitized Products Research The State of AI Financing: A Pause, Not a Pullback September marked the second-lowest month of AI-related supply this year, with only ~$23bn globally. In our view, this slowdown is temporary and driven by a combination of significant front-loading of issuance in the year and building political/regulatory constraints. We expect a busier fall and 4Q, as the focus shifts to 2027 capex. Key Takeaways | M | | | | --- | --- | --- ...