Hyperscaler Capex by Company A once-in-a-generation AI-driven capex boom is reshaping the industry. Hyperscalers are spearheading this change with massive investments in AI infrastructure, with spending set to reach $330 billion in 2025. Image: Goldman Sachs Global Investment Research
Future Capex Expectations Tracker After a brief surge following the election and inauguration, businesses’ future capex expectations have moderated and now sit slightly below the average levels seen from 2022 to 2024, reflecting heightened uncertainty. Image: Goldman Sachs Global Investment Research
Magnificent 7 Annual Capex Spend The Magnificent 7’s capital expenditure is projected to grow by 31% to $331 billion in 2025, followed by a 10% increase to $363 billion in 2026, underscoring the Magnificent 7’s focus on long-term growth and innovation. Image: Goldman Sachs Global Investment Research
GS CapEx & R&D Index – S&P 500 Index Quarterly Performance The underperformance of stocks with high CapEx and R&D expenditures highlights the tension between long-term corporate investment strategies and investors’ desire for near-term profitability. Image: Bloomberg
S&P 500 YoY Growth – Buybacks vs. Capex and R&D Will S&P 500 buyback growth continue to slow? Image: Goldman Sachs Global Investment Research
CEO Confidence vs. U.S. Business Capex Weak CEO confidence does not bode well for capex. Image: Gavekal, Macrobond
Oil Prices and Consensus Capex Could oil capex cuts lead to supply disruptions? Image: Morgan Stanley Research
Global Nonfinancial Equities – Earnings-Per-Share Growth and Capex Growth A recovery in global capex growth is expected in 2021. Image: Morgan Stanley Wealth Management
Manufacturing PMI and S&P 500 Capex YoY Is a capex recovery on the cards, as suggested by manufacturing PMI? Image: BofA
U.S. Core Capital Goods Shipment and Non-residential Business Fixed Investment (Capex) Is the “phase one” US-China trade deal enough to reverse the slowdown? Image: Deutsche Bank Global Research
U.S. Discretionary Spending and Recessions Because there are few imbalances, Deutsche Bank suggests that the U.S. expansion could continue for many more years. Note: discreationary spending defined as consumer durable goods, plus business capex, plus residential investment (i.e. PCE durables + gross private domestic investment). Image: Deutsche Bank Global Research