Ariana Salvatore

The US equity strategy team sees hyperscalers as early in discounting the market's renewed focus on capex discipline, leading them to maintain a relative preference for hyperscalers over semiconductors for the next several months.

The US-Iran MOU brings a slightly more constructive outlook for oil, with normalization of flows expected by end of June and marginal upside to prices, though significant execution risks remain.

Regulation and infrastructure constraints on AI development are creating bottlenecks that strengthen the investment case for solutions such as on-site power generation, fuel cells, and energy storage, as these become critical for enabling AI infrastructure growth.

Mexico is structurally diverging from Canada as a beneficiary of North American trade policy reshaping. Mexico has become deeply integrated into US supply chains for computers, semiconductors, communications equipment, and advanced electronics, now supplying roughly 35% of US IT hardware imports and nearly 50% of US server imports. The north of Mexico has emerged as a vital interconnection hub driven by nearshoring, AI adoption, and multi-cloud strategies. Bilateral US-Mexico negotiations are progressing more substantively than with Canada, suggesting Mexico faces fewer trade frictions and is better positioned in sectors the US defines as strategic.