Hyperscaler Capex, Operating Cash Flow and Free Cash Flow Big Tech’s five hyperscalers are now investing beyond their operating cash flow. The narrative has flipped from “can they afford it?” to whether the AI buildout…
EPS Revisions Since the start of the year, EPS revisions have trended higher across the S&P 500, STOXX 600, Topix and especially MSCI EM, as confidence in 2026 earnings builds. Image: Goldman Sachs Global Investment…
Valuation – Russell 2000 Forward 12-Month P/E The Russell 2000 is full of unprofitable companies, which makes its forward 12-month P/E look pricey at 33x. Strip out the loss-makers, and it falls to 16x. Image:…
Hyperscaler Quarterly Capex Growth Goldman Sachs thinks Wall Street is too conservative on 2027 hyperscaler capex, with the AI spending boom likely to run hotter for longer. Image: Goldman Sachs Global Investment Research
S&P 500 Return During July July has been kind to U.S. stocks, rising for 11 straight years and delivering an average gain of 3.2%. Can the streak continue? Image: Carson Investment Research
Earnings Growth – Mag 7 and S&P 500 ex-Mag 7 The Magnificent Seven are on pace for 38% earnings growth this year, versus 19% for the rest of the S&P 500. With tech momentum still…
Insider Transactions Ratio Corporate insiders are growing more cautious as the Insider Transactions Ratio slips back into bearish territory, with little appetite to step in and buy. Image: Barron’s
S&P 500 Company Guidance vs. Consensus Growth Expectations Into Earnings Seasons Consensus S&P 500 earnings growth heading into Q2 stands at 26.2%, a record for a pre-reporting period outside recession recoveries, driven in large part…
Revision to Consensus Hyperscaler Year/Year Capex Growth 2027 capex is still a moving target for hyperscalers. They look more likely to overshoot than undershoot on AI spending, which could keep AI-driven inflation stickier for longer.…
S&P 500 vs. Russell 2000 – YTD Change in Price, Earnings, and Valuation The S&P 500’s year-to-date total return has been driven entirely by earnings growth, while the Russell 2000’s advance has come roughly half…
S&P 500 Average Monthly Returns Since 1964 July has historically treated U.S. equities well, delivering average gains of 0.8% since 1964. If seasonality plays out again, bulls may have room to run through the summer…