Goldman Sachs: tech and semiconductors have been the main source of upward
earnings revisions since 2026, supported by AI-driven capex and equity gains.
But investors are increasingly reluctant to pay higher multiples for more
cyclical earnings; rising leverage across the AI supply chain and elevated
long-term rates are constraining valuation expansion. Goldman still sees scope
to raise AI capex forecasts and warns compute demand may outstrip supply through
2028; market implications hinge on AI spending, investment returns and
competitive dynamics (Goldman Sachs report, Sept. 6).
