Since 2026, technology and semiconductors have been significant drivers of upward revisions to global earnings forecasts, with AI capital expenditures and equity investment returns providing substantial support. However, Goldman Sachs points out that investors are increasingly reluctant to pay higher valuations for such more cyclical earnings, and rising leverage in the AI industry chain and persistently high long-term interest rates are also exerting downward pressure. Goldman Sachs still believes there is room for upward revisions to AI capital expenditures, and the situation of computing power demand exceeding supply may continue until 2028. Going forward, the focus will be on AI spending, investment returns, and the competitive landscape. (The above views are from a Goldman Sachs report dated September 6th.)
