Report published September 25, 2026

Goldman Sachs: Connecting the Dots: German Conference Feedback, Muse & Instinct and Global Views Plus Key Research

Goldman Sachs · September 25, 2026

This edition of Connecting the Dots synthesizes takeaways from Goldman Sachs' 15th German Corporate Conference, highlighting robust demand in Defence offset by rising Chinese competition. It also examines the market impact of Agentic AI commerce developments and Jan Hatzius' global macro outlook.

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Finvaulta summarizes Goldman Sachs's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.

Key Takeaways

1.Takeaways from the 15th German Corporate Conference indicate that German demand is holding up well across sectors like Defence, with rising optimism around fiscal execution, while Chinese competition remains the top downside risk.
2.Agentic AI product rollouts, including Meta's Muse and Instinct, are reigniting focus on agentic commerce, posing significant price competition risks to commoditized goods and consumer staples.
3.S&P 500 EPS is projected to expand 36% in 2026 driven by AI windfalls and private investment gains before decelerating to 11% in 2027 as companies normalize from 'over-earning'.

German Conference feedback, Muse & Instinct and Global Views plus key research
GS Research from the week
Conferences and Trips
Field trips/Management meetings
Previews
Earnings & CMDs
AI and Data Centres
Commodities / Power
Tracking the data
Ratings Changes & Initiations
Sector Updates
Reiterate Buy
Reiterate Sell
Events incl M&A
Macro
Global

Report data

Distribution of ratings/investment banking relationships

Metric	Estimate	Context
S&P 500 EPS Growth	36%	Expected earnings growth for the S&P 500 index in 2026 driven by private investment stakes and AI margin expansion.
S&P 500 EPS Growth	11%	Projected deceleration in EPS growth as private investment gains fade and AI investments near peak.
Share of US Data Center Power Demand Served by BTM Gas Generation	28%	Estimated share of US data center power demand that could be met by behind-the-meter gas generation.
Battery Backup Unit Market Size	50 USD bn	Framing the battery backup unit opportunity reaching $50bn by 2030 at an 87% CAGR.
TotalEnergies Guided Net Capex	14-16 USD bn	Net capital expenditure guidance per annum versus $15bn in 2025.

Source: Goldman Sachs US Equity Strategy; Goldman Sachs Global Investment Research; TotalEnergies / Goldman Sachs Research. This is a dated model snapshot, not a live forecast.