Rating: SELL | Price Target: $220 | Current Price: $350

IN THIS REPORT:

• INFLATION REGIMES AND COST OF EQUITY – Higher oil prices continue to apply upward pressure on inflation, and could affect equities. p. 1
• JPY CARRY TRADE – Systemic risk continues to boil beneath the surface in Japan. p. 1
• TAIWAN FRAGILITY– Geopolitical risks in Asia could destabilize the supply chain for AMD. p. 1
• CAPEX/FCF DIVERGENCE – Lackluster revenue growth and margin expansion bring AI spending into question. p. 2
• SENSITIVITY MATRIX – A look at possible price targets for 2027. p. 2 – 3
• TECHNICAL OVERVIEW – An overview of various chart technicals. p. 3 – 5