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Citigroup strategists downgraded US equities to “neutral” from “overweight,” saying they were looking for cleaner positioning and more stable sentiment around AI stocks after a sharp selloff on concerns about soaring AI spending and tougher regulation.

“We worry that positioning on key indices, such as the Nasdaq, could reset lower into net-short territory,” Citigroup strategists led by Beata Manthey said in a note on Monday.