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Goldman Sachs Exchanges
Taking stock: Can the US rally continue?
Jul 2, 2024
David Kostin, Chief US equity strategist at Goldman Sachs Research, discusses the sustainability of the US stock market rally, including the dominance of AI companies, Nvidia's underperformance, market valuations, interest rates, election uncertainties, investor positioning, demand for US stocks, and the transition from active to passive funds.
18:10
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Quick takeaways
- Investments in AI by leading companies are driving market growth through increased earnings and share prices.
- Concerns about sustainability and high valuations in the market, especially with the focus on AI-centric companies.
Deep dives
AI Investments Driving Market Performance
Investments in AI by companies such as Nvidia, Amazon, Microsoft, Google, and Meta have been significant drivers of market performance, with these companies increasing earnings by 84% compared to the rest of the market's 5% rise. Their focus on CapEx and R&D, accounting for 22% of all such investments nationally, has led to share price increases and overall market growth.
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Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode