Market Intelligence: US Morning Update

研报英文原文证据摘录

Market Intelligence: US Morning Update

Goldman Sachs Market Intelligence

governments race to keep up with technology, update both digital and physical

infrastructure, invest in energy reliability, as well as national security and defense.

Looking ahead, we think equity returns will be driven more by EPS growth than from

expanding valuations. And, we expect a broadening opportunity set, as rising capital

intensity supports technology and real assets, and look for increased dispersion across

stocks and sectors, creating a better backdrop for active management and alpha

generation. Four baskets exposed to this capex theme:

1. AI & Digital Infrastructure (GSTMTDAT)

2. Power & Energy Security (GSENEPOW)

3. Defense & National Security (GSXUDFNS and GSXUNDEF)

4. Infrastructure & HALO companies (GSTHHAIR and GSXUINFS)

Looking for more on the AI capex theme? Ryan Hammond delves into implications for

equities in a Jun-10 US Equity Views, “More AI capex, more volatility.” Also, click into a

few recent podcasts discussing this theme, including “Research Unplugged: Funding AI

Infrastructure,” “Inside the Model: Focus on: Data Centers, Networking, AI, and

Streaming,” “Research Unplugged: AI, Data Centers & the Outlook for US Power

Demand,” and “Research Unplugged: Decoding the Agentic Economy: The Coming

Inflection in AI Usage and Margins.”

Looking Ahead

Focus on May housing starts and Import/Export data today. In micro, VNCE and GRGD

report before the open. JBL and KMX report before the open tomorrow.

Performance of Global Indices (as of June 16, 2026)

Index % Change

Asia

Nikkei 225 0.1%

Shanghai Composite -0.1%

Hang Seng -1.4%

Taiwan TAIEX 0.9%

SPI/ASX 200 0.0%

Europe

FTSE 100 0.5%

DAX 0.5%

CAC 40 0.7%

Euro STOXX600 0.4%

Source: FactSet, Bloomberg

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