U.S. Tech Media Telecom Valuations vs. ROE Investors are still willing to pay a premium for U.S. tech, media, and telecom stocks, and with robust returns on equity, those valuations look broadly justified. Image: Goldman Sachs Global Investment Research
U.S. Tech Sector Share Buyback Announcements There’s no sign of a pause in U.S. tech buybacks, as strong earnings keep the pipeline active. That’s a tailwind for shareholders, and as long as profits hold up, the pace is unlikely to fade. Image: J.P. Morgan Flows and Liquidity
Change in 12-Month Forward EPS for S&P Tech Sector Firms Nearly all of the year-to-date increase in S&P tech forward earnings traces back to SanDisk and Micron. Excluding those names, revisions look subdued and the growth narrative starts to look less convincing. Image: Bloomberg
Mega-Cap Growth & Tech (Market Cap and Earnings) The tech pullback has left a bigger disconnect from earnings expectations. Once the mood shifts, risk appetite could roar back and drive stocks sharply higher. Fundamentals haven’t changed much, just the mood. Image: Deutsche Bank Asset Allocation
Valuations – Software vs. World ex. TMT and Technology vs. World TMT Valuations in global tech and software have narrowed sharply, with forward P/Es at their lowest level relative to world equities in more than five years. That could mark a buying window, assuming earnings momentum stays intact. Image: Goldman Sachs Global Investment Research
U.S. Tech – 3-Month Change in Price vs. 3-Month Change in FY2 EPS Until recently, U.S. tech earnings and stock returns have run hand in hand. With the correlation breaking down, dips are looking more like entry points, supported by solid growth prospects tied to AI adoption. Image: Goldman Sachs Global Investment Research
Distributions od Returns of World Tech vs. World ex. TMT The tech sector is facing a valuation reset this year after a long stretch of outsized gains fueled by AI enthusiasm and momentum trades. In relative terms, few eras over the past fifty years have been tougher for tech stocks. Image: Goldman Sachs Global Investment…
PEG Ratio between Technology and Global Aggregate Market The tech sector’s slump is beginning to uncover compelling opportunities, with valuations now lagging behind the global aggregate market despite solid growth expectations. Times like these often reveal the best long-term plays. Image: Goldman Sachs Global Investment Research
Valuation – Spread Between P/E of S&P 500 Information Technology Sector and S&P 500 After a sharp retreat from last year’s record highs, tech stocks are looking appealing again for investors ready to ride the long game. That opportunity is getting harder to ignore. Image: Bloomberg
World Technology Earnings Driven by innovation and a digital‑first economy, tech earnings continue to outpace global peers, with momentum still running strong. Digital transformation remains a powerful growth engine. Image: Goldman Sachs Global Investment Research
Global Sector Fund Flows Excluding Tech Sector funds outside Tech have drawn a record $62 billion in inflows over the first five weeks of the year, more than the total for all of 2025. The rush shows investors are widening their bets beyond the usual tech favorites. Image: Deutsche Bank Asset Allocation