Mike Zaccardi, CFA, CMT 🍖(@MikeZaccardi):GS: We estimate that hyperscaler capex is driving roughly half of S&P 500 earnings growth this year. As hyperscaler capex growth slows and depreciation expenses rise, the impact of AI investment spending on S&P 500 earnings growth will begin to fade and eventually become a drag.

Mike Zaccardi, CFA, CMT 🍖

@MikeZaccardi

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参加 February 2009

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Mike Zaccardi, CFA, CMT 🍖@MikeZaccardi

2026.09.26 14:23

GS: We estimate that hyperscaler capex is driving roughly half of S&P 500 earnings growth this year. As hyperscaler capex growth slows and depreciation expenses rise, the impact of AI investment spending on S&P 500 earnings growth will begin to fade and eventually become a drag.