Goldman Sachs Research: How Does Moderating Hyperscaler Capex Impact Equities After AI Spend Peaks?
Goldman Sachs Global Head of Hedge Fund Coverage Tony Pasquariello, Global Head of Risk Josh Schiffrin, and Senior Advisor Dominic Wilson analyze the AI trade's transition into a 'complex, two-sided phase.' The episode explores whether big tech can catalyze year-end equity rallies as hyperscaler capital expenditures moderate, alongside discussions on the Fed's path and macro risks.
Goldman Sachs Research recorded the latest video interview titled "What Happens When AI Spend Peaks?" on October 29, 2026. The discussion features three prominent internal experts: Tony Pasquariello, Global Head of Hedge Fund Coverage; Josh Schiffrin, Global Head of Risk; and Dominic Wilson, Senior Advisor at Goldman Sachs Research.
According to the official description, the panel analyzes how the AI trade may be transitioning into a more complex, "two-sided phase" after years of supercharged growth. Key topics include whether big tech companies can provide the catalyst for equities to rally into year-end as hyperscaler capital expenditures (capex) moderate while corporate earnings hold steady. The episode also covers the evolving AI capex narrative post-earnings, the path ahead for the Federal Reserve, and the crowded wall of worry in macro markets.
For professional readers interested in institutional perspectives on shifting AI investment logic, this resource offers a specific thematic overview of current market structural changes. Note that full episodes are accessible primarily to institutional clients via the Goldman Sachs Marquee digital platform.