North America Equity Research U.S. First to Market 20 July 2026 The ins and outs of a cyclical lift US Equity Strategy (Dubravko Lakos-Bujas/Bhupinder Singh) Hyperscalers vs. AI Hardware, AI Capex & Monetization, Momentum Unwind, 2Q Earnings The AI cycle remains intact. The key theme this reporting season remains centered on the hyperscaler capex guide, but with a greater focus on more tangible evidence of monetization. This includes incremental use cases such as Meta's move to sell excess AI compute capaci ...