Heath Terry and Omar Ahmed review what they heard at Citi's Global TMT Conference, from a significant shift in tone in AI discussions and how to navigate bottlenecks to telecom trends and positioning vs. fundamentals. This podcast is provided for informational purposes only and does not constitute investment research, investment, legal, tax, accounting, or other professional advice, nor an offer, recommendation, or solicitation to purchase or sell any financial instrument or engage in any investment strategy. The content is not based on any individual's circumstances and should not be relied upon in making investment decisions. This podcast may include participants from Citi Research and Citi Markets. The views expressed are those of the speakers as of the recording date, are subject to change without notice, and may differ from those of other Citi personnel or business areas. Where Markets personnel participate, they do so in their capacity as Sales and Trading personnel, and their views are not intended to constitute "research" as defined under applicable laws and regulations. References to specific companies, securities, sectors, products, or transactions are for informational purposes only and are not investment recommendations. Recipients should consult their own professional advisers regarding their individual circumstances. While the information presented is believed to be reliable, Citi does not guarantee its accuracy or completeness. Past performance is not indicative of future results. This podcast may not be reproduced or distributed without Citi's prior written consent. Copyright 2026, Citigroup Global Markets, Inc. Member SIPC. All rights reserved. Citi and Citi and Arc Design are trademarks and service marks of Citigroup, Inc. or its affiliates and are used and registered throughout the world. For important regulatory disclosures, please visit www.citigroup.com

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