In episode four of Citi Wealth's The Short and Long, Chief Investment Officer Kate Moore asks the question that's dividing markets right now: does the semiconductor trade still have runway? Her guests — Adam Parker, founder of Trivariate Research and a reformed semiconductor analyst with three degrees in statistics, and Ankur Crawford, portfolio manager at Alger and a former Intel engineer with a PhD in materials science — make a confident, data-driven case that it does. Key discussion points include: Why we may be only three to four years into a ten-year AI investment cycle, and what that means for how portfolios should be positioned today How "AI touch" is reshaping the way investors think about sector exposure, from semiconductors to power infrastructure to healthcare services Why demand estimates have been consistently too conservative, and what the data on token growth and earnings revisions tells us about where this cycle is headed The key risks that could slow the buildout: regulatory friction, power constraints, and shifts in global chip supply New episodes available on Apple Podcasts, Spotify, and all major podcast platforms. Subscribe for more from the Citi Wealth Chief Investment Office. *INVESTMENT PRODUCTS: NOT FDIC INSURED – NOT CDIC INSURED – NOT GOVERNMENT INSURED – NO BANK GUARANTEE – MAY LOSE VALUE* The opinions and views expressed herein are as of the date of publication, subject to change without notice, and may not necessarily reflect the opinions expressed by Citi businesses or its affiliates and is not intended to forecast future events. This material is provided for informational purposes only and does not constitute investment advice or a recommendation, offer, or solicitation by Citi or its affiliates. This material may contain forward-looking statements and are subject to change without notice based on market and other conditions. Past performance is not indicative of future results. Neither Citi nor any of its affiliates make any representations or warranties, express or implied, as to the accuracy or completeness of the statements or information contained herein and disclaim any liability whatsoever for reliance on such information for any purpose. Citi is under no duty to update this Communication and accepts no liability for any loss (whether direct, indirect or consequential) that may arise from any use of the information contained in or derived from this Communication. Any reference to third party organizations is for informational and identification purposes only and does not imply any ownership, affiliation, endorsement, or licensing relationship between Citi and such third parties. This material should not be copied, distributed, published, or reproduced in whole or in part or disclosed by any recipient to any other person without the express written consent of Citi. © 2026 Citigroup Inc., Citi, Citi and Arc Design and other marks used herein are service marks of Citigroup Inc. or its affiliates, used and registered throughout the world. Important Disclosures: https://www.citigroup.com/rcs/citigpa/storage/public/Citi_Wealth_OCIO_Disclosures.pdf View other Citi videos: http://www.youtube.com/citi Like us on Facebook: http://www.facebook.com/citi Follow us on Twitter: http://www.twitter.com/citi Follow us on LinkedIn: http://www.linkedin.com/company/citi Follow us on Instagram: http://www.instagram.com/citi

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