The Largest Cumulative Losses Before Young/Start-Up Companies Turned a Profit As OpenAI’s revenue rises, the question looms: can it reach profitability by 2029 while spending so heavily to fuel the AI race? Image: Deutsche Bank
Hyperscaler Capex by Company Goldman Sachs is turning more bullish on hyperscaler spending, hiking its CAPEX outlook after 3Q25 results showed a wave of AI‑ and cloud‑fueled infrastructure growth. Image: Goldman Sachs Global Investment Research
S&P 500 – Share of Sales Derived from Outside United States The “Magnificent Seven” tech giants are more exposed to global trade risks than the rest of the S&P 500, as 49% of their revenue comes from foreign sales. Image: Goldman Sachs Global Investment Research
Nominal S&P 500 Earnings Growth – Nominal GDP Growth The rapid acceleration of U.S. corporate earnings growth over the past three decades, which has outpaced the broader U.S. economy, is a key factor behind today’s high market valuations—a trend that may persist. Image: Deutsche Bank
Recession – NFIB Sales Expectations Optimism among U.S. small business owners regarding future sales has significantly declined, with many anticipating a drop in revenues over the coming months. Image: Real Investment Advice
China Stocks – New Economy Relative to Old Economy China’s new economy stocks featured higher profitability and revenue growth. Image: Morgan Stanley Research
Top 5 vs. S&P 500 ex-Top 5 – YoY Contribution of EPS and P/E to Returns The performance gap could widen further, as the top 5 largest stocks in the S&P 500 are superior on almost every financial metric (revenue, profit growth, margin structure, volatility and corporate leverage). Image: Credit Suisse Research
U.S. Firms with High China Sales Exposure vs. S&P 500 Chart showing that U.S. stocks with high revenue exposure to China have suffered greater losses. Image: Goldman Sachs Global Investment Research
U.S. Companies Depend Heavily on the China Market US companies make nearly $500 billion revenue in China, while Chinese companies make about $40 billion in U.S.. Image: Financial Times