Ben Schneider

Why the AI Trade is Moving Up the Stack

Mark Wilson, Ben Snider, Peter Callahan, Ben Schneider

Goldman Sachs strategists project a resilient S&P 500 driven by concentrated AI earnings strength and moderate valuation multiples despite narrowing market breadth reminiscent of the dot-com era. The narrative centers on a shift from infrastructure CapEx to the inference economy, with capital visibility extending to 2027 and a strategic pivot toward beaten-down consumer and cybersecurity sectors. Looking toward year-end, the consensus anticipates a continued rally fueled by an expected 30% Q3 earnings growth and a decline in political risk premiums.