Alpha | 阿尔法(@alpha101xyz):Cherish 2026. This is the year earnings acceleration peaks. S&P 500 = EPS × P/E. P/E is compressing as hyperscaler FCF getting crushed by record CAPEX. The only thing still propping up stocks is accelerating EPS growth — and that acceleration is already expected to slow in 2027. This entire move has been a straight wealth transfer from a handful of hyperscalers to their suppliers. AI revenue simply won’t ramp fast enough to close the gap.

2026.06.27 13:32

Cherish 2026. This is the year earnings acceleration peaks. S&P 500 = EPS × P/E. P/E is compressing as hyperscaler FCF getting crushed by record CAPEX. The only thing still propping up stocks is accelerating EPS growth — and that acceleration is already expected to slow in 2027. This entire move has been a straight wealth transfer from a handful of hyperscalers to their suppliers. AI revenue simply won’t ramp fast enough to close the gap.

Alpha | 阿尔法@alpha101xyz

2026.06.27 12:35

Goldman Sachs - Hyperscaler earnings multiples have declined alongside surging FCF multiples; in addition, investors are increasingly focused on the trajectory of AI spending by the rest of corporate America and the degree to which that spending is generating a return.