Odd Lots · Thursday, October 1, 2026
Goldman Sachs research indicates that approximately half of the earnings growth in 2026 is directly attributable to hyperscaler capital expenditures, primarily driven by AI investments. This highlights a significant concentration of growth drivers within a few major tech companies.
“Goldman had a good note released a couple of days ago where they said about half of earnings growth this year is expected to be just driven by hyperscaler CapEx. So pretty, pretty big impulse.”
“We're talking about how strong growth has been, earnings growth has been this year. And you can just link it and distill it just down to that one factor.”