Consensus Hyperscaler Capex Estimates Hyperscaler capex is on track to reach $914 billion by 2028. At that scale, this no longer looks like a typical tech cycle. It starts to resemble a structural shift that…

U.S. ISM Services Prices Paid Index vs. U.S. CPI Inflation (Leading Indicator) The ISM Services Prices Paid Index typically leads U.S. CPI by about three months, offering an early read on where inflation is heading.…

Consensus Forward 12-Month S&P 500 EPS Strong Q1 earnings have helped propel the S&P 500 higher this year, boosting investor confidence and supporting higher valuations. Earnings strength still sets the tone. Image: Goldman Sachs Global…

U.S. ISM Manufacturing Index vs. S&P 500 EPS Annual % Change With the ISM Manufacturing Index and S&P 500 earnings growth moving hand in hand, either ISM climbs into the high 50s as the cycle…

MSCI World Sector/Style Valuations Valuations are stretched across sectors and styles, leaving investors with almost no room for error. That is what makes this market so tricky. If sentiment turns, there is not much to…

Hyperscaler Year/Year Cash Spending Growth Hyperscalers are ramping up AI spending, leaving less capacity for buybacks and dividends. The trade-off is weaker near-term payouts in exchange for longer-term upside. Image: Goldman Sachs Global Investment Research

Hyperscaler Capex Hyperscaler capex is on track for $755 billion this year, rising to $892 billion by 2027. At that scale, this looks less like a typical tech cycle and more like something structurally bigger.…

YoY Growth in S&P 500 Cash Use S&P 500 companies are shifting cash to capex, led by AI, while buybacks stall. The result may be weaker EPS support and a thinner cushion for stock prices.…

Temporary Help Services Jobs vs. Real GDP and U.S. Recessions Temporary Help Services Jobs stand at -0.92% YoY in May. The relationship between Temporary Help Services jobs and the macroeconomy is complex. Declines in Temporary…

10-Year U.S. Treasury Yields vs. New Fed Chair 10-year U.S. Treasury yields often push higher in the first six months after a new Fed chair takes office, as markets adjust to a new policy regime.…

S&P 500 Performance After Six Week Wins Streaks Up >10% Six weeks up and more than 10% higher. Historically, that combination has been a tailwind for U.S. stocks, delivering average 12-month returns of 17.1% since…