End of Week Market Intelligence: peak?

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End of Week Market Intelligence: peak?

Goldman Sachs End of Week Market Intelligence

Snider pointed out that investors must balance stronger-than-expected AI capex

spending with the risks from a potential deceleration in that spending and uncertainty

surrounding the persistence of recent earnings power in the Jun-10 Equity Views note,

“More AI capex, more volatility.” Not much came out this week that suggests we are

seeing any deceleration, but for some market participants, higher highs may bring on

concerns that we are approaching a peak. And in the meantime, we may see sustained

elevated volatility as the market moves from geopolitical and oil/inflation concerns to

the venue of Corporate America and the AI trade again as Dominic Wilson and

Kamakshya Trivedi discuss in today’s note, “Global Market Views: From Macro to Micro

Volatility.”

We also sat down with John Flood, Head of Americas Equity Sales Trading within Global

Banking & Markets this week to discuss market positioning and just what themes matter

to investors today and capture the conversation in a 10-minute podcast, “The Markets:

Why US Stocks Could Climb Higher.” Bottom-line: stay invested in upward earnings

momentum.

Finally, this week, Eric Sheridan updated our view of the top 10 themes permeating the

Internet sector in “10 Industry Themes for 2026 & Focus Stocks Going Forward

(Mid-Year Update).” The AI investment cycle of course tops the themes, but we are also

exploring consumer vs enterprise AI adoption, momentum in local eCommerce

platforms, content creation, spatial computing and the debate around whether AI

efficiency gains will justify the money companies are spending on the new technology

today.

charts of the week - when do we get to too much?