Midday Market Intelligence: themes...

Research evidence excerpt

Midday Market Intelligence: themes...

Equity Research

6 July 2026 | 1:18PM EDT

US stocks are climbing higher Monday, ahead of the start of 2Q earnings season (PEP Chris Hussey

+1(212)902-7564 |

and DAL report later this week) and on the back of a reasonably constructive ISM chris.hussey@gs.com

Goldman Sachs & Co. LLC

Services index this morning.

Sarah Herr

+1(212)357-0094 | sarah.herr@gs.com

... before earnings Kshitij Garg

The focal point for earnings season will of course be the AI trade as Ben Snider +1(212)934-7434Goldman Sachs India| kshitij.garg@gs.comSPL

highlighted in the Jun-26 note, “S&P 500 Q2 2026 earnings season preview.” But

there are a slew of other themes that should also permeate results and the rest of

the year, including:

n AI infrastructure. Jim Schneider previews the Semis sector this morning, taking

a tactical approach into earnings in “Semiconductors: 2Q Preview.” We see

upside to earnings estimates across most sub-sectors still as the appetite for

compute power, memory and more remains unabated. And backing up this

earnings upside is strong capex from the hyperscalers. Eric Sheridan believes

that investment will remain strong, although he also recognizes that investors are

increasingly interested in seeing a return on that investment in the Jun-22 note,

“Internet: 10 Industry Themes for 2026 & Focus Stocks Going Forward (Mid-Year

Update).” See also Shamshad Ali’s update on debt funding for data center

construction in “Tracking credit-funded AI datacenter builds.”

n AI usage. Sheridan also sees the rise of Agentic Commerce impacting a range of

legacy business models as he detailed in the above note. So far, AI has been more

about investing than delivering substantial industry change. But we may be on