Category: Blog

Valuations Across EM Markets The valuation gap in emerging markets is striking: India trades at a premium, whereas China’s pricing feels more in line with its history. Image: Goldman Sachs Global Investment Research

U.S. Big Tech’s Capital Expenditures Tech titans Alphabet, Amazon, Meta, and Microsoft plan to spend $650 billion this year into AI data centers, chips, and infrastructure, up 60% from last year as the race for AI dominance intensifies despite mounting execution risks. Image: Bloomberg

Macro Valuation Measure (S&P 500) U.S. stocks look rich compared with what today’s macro backdrop would normally justify. In previous cycles, such lofty valuations at these levels have often paved the way for years of subdued returns. Image: Goldman Sachs Global Investment Research

Bitcoin and Nasdaq 100 Bitcoin has closely tracked the Nasdaq 100 in recent years, mirroring shifts in market sentiment and risk appetite. That link is also relatively visible now, as the speculative mood encounters turbulence. Image: Topdown Charts

Average Percentile of Sentiment Indicators The mood is bullish for now, and we’re not near the extremes. Market participants aren’t showing signs of fatigue just yet, at least until the next headline hits. Image: Goldman Sachs Global Investment Research

Margin Debt as Percentage of Real Disposal Personal Income Margin debt sits at a record share of real disposable income. With incomes stagnating and borrowing surging, investors look vulnerable. Markets appear calm, for now, but they can turn fast. Image: Real Investment Advice

S&P 500 Aggregate vs Median Earnings Growth S&P 500 earnings rose 14.5% year-on-year in Q4 2025, exceeding initial estimates and marking the strongest quarterly gain in four years as profit growth broadened across sectors. Image: Deutsche Bank

Performance – MSCI U.S. vs. All Country World ex. U.S. Ratio and Trend After nearly a decade of U.S. stocks trouncing global peers, international markets have finally turned the tables, making home bias look increasingly costly. Image: Hi Mount Research

MSCI AC World EPS Analysts, emboldened by a firmer global growth backdrop, have pushed up MSCI AC World EPS forecasts for 2026, seeing technology and AI as key drivers of productivity. Image: Goldman Sachs Global Investment Research

S&P 500 Intra-Year Declines vs. Calendar Year Returns Investors stomach average yearly pullbacks of around 14%, but the S&P 500 still closed higher in 35 of the past 46 years. Volatility, after all, is the price of admission for long-term gains. Image: J.P. Morgan Asset Management

Number of U.S. IPOs Wall Street is about to wake up again. After a sluggish stretch, the U.S. IPO machine is set to roar back to life in 2026, with some 120 deals tipped to raise $160 billion. Image: Goldman Sachs Global Investment Research