Goldman Sachs
May 11, 2026
Market Monitor
Weekly UpdateEquitiesRates Govt BondsRates CreditInformation TechnologyEnergy
US equities reached record highs on strong Q1 earnings and AI momentum, even as market concentration remains high. Global markets are reacting to potential de-escalation in the Middle East and a massive capex cycle from tech 'Hyperscalers'.
Key Takeaways
- 1.US Equities have reached record highs driven by AI momentum and strong corporate earnings, though performance is increasingly concentrated in a few high-performing stocks.
- 2.The AI 'Hyperscaler' capex boom continues, with collective spending expected to reach $2.5 trillion over three years, shifting focus toward monetization and monetization efficiency.
- 3.Global tensions are slightly easing as hopes for a peace deal in the Middle East led to lower oil prices and a weaker US dollar.
Table of Contents
- US Equities
- SAS Market Strategy
- Fixed Income Insights
- Fundamental Equity Insights
- Market Watch
- Economic Watch
- Weekly Market Recap
- IMPORTANT INFORMATION
- RISK CONSIDERATIONS
- GENERAL DISCLOSURES
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Authors
Goldman Sachs Asset Management
Securities
GOOGMSFT.OSPXKOSPISNDK
Themes
AI Infrastructure Capex CycleMarket Concentration and Right Tail WinnersMiddle East De-escalation Hopes
Regions
North AmericaEuropeAsia PacificUnited StatesChinaJapan