Goldman Sachs
May 10, 2026
US Morning Update
Daily UpdateEquitiesMacro Economic IndicatorsRates Govt BondsInformation TechnologyIndustrials
Goldman Sachs analyzes the shift in US corporate spending where AI-driven capex is set to grow 21% in 2026, offsetting a slowdown in share buybacks. The report also highlights a declining 'breakeven' job growth rate in the US due to demographic shifts.
Key Takeaways
- 1.S&P 500 cash spending is projected to grow 21% in 2026, primarily driven by massive AI-related capex from tech hyperscalers.
- 2.The 'breakeven' job growth rate required to keep US unemployment steady is declining toward 50k per month due to slowing immigration and native-born population trends.
- 3.Aerospace and Defense companies reported strong 1Q26 results, showing resilience and growth fueled by commercial demand and accelerating defense spending.
Table of Contents
- Looking Ahead
- Performance of Global Indices (as of May 8, 2026)
- Rating & Conviction List Changes (as of May 8, 2026)
- Today's Events (May 8, 2026)
- US Morning Call for May 8, 2026
- Notable Research not on the Morning Call
- Webinar Replays
- Resource Corner
- Disclosure Appendix
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Authors
Chris HusseySarah HerrKshitij Garg
Securities
SPXEPAMMCDKOSPITKO
Themes
AI Revolution vs. Energy CrisisCapex PivotDemographic Drag on Labor Supply
Regions
North AmericaAsia PacificEuropeUnited StatesSouth KoreaJapan