Premium'The Great Halving' Of Earnings Growth Ahead: Goldman's 2027 Equity Outlook Sees Value Now Hiding In Growth
Eight days after the Nasdaq 100 suffered its worst day since Covid, and a day after Nvidia lost the most famous face of the AI trade, Goldman has a message for the battered AI faithful: the wreckage is now value.
In Goldman's freshly published 2027 global equity outlook, "Finding Value in Growth" (available to pro subs), chief global equity strategist Peter Oppenheimer and team make a contrarian pitch: the AI capex boom is about to peak, global earnings growth is about to halve... and that is precisely why investors should go back into long-duration Growth, starting with the US hyperscalers, which now trade on 19.7x forward earnings, below their previous 20-year range and cheaper than Consumer Staples (21.0x).